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andflnt
New Member

I pulled out $10k from my IRA for 1st time homeowner, but I'm not seeing where I can take this credit, or whatever it's called. Where do I find it?

 
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2 Replies
MinhT1
Expert Alumni

I pulled out $10k from my IRA for 1st time homeowner, but I'm not seeing where I can take this credit, or whatever it's called. Where do I find it?

To take advantage of the exception to the early withdrawal penalty for first time homebuyers (up to $10,000), on the summary page of your 1099-R entries, click Continue and follow the TurboTax interview. You can indicate that your withdrawal is for a first time home purchase.

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I pulled out $10k from my IRA for 1st time homeowner, but I'm not seeing where I can take this credit, or whatever it's called. Where do I find it?

Enter the 1099-R.   it is not a credit, it only exempts you form the 10% early distribution penalty of you are under age 59 1/2.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR  Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

 

 

Screen Shot 2020-07-13 at 1.22.48 PM.jpg1099-R first time home.jpg

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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