I took money out of retirement plan to purchase a house, is it still charged an early withdrawal penalty? If not, how do I enter in the system so it doesn't?

posted

There is an exemption for qualified first-time homebuyers, up to $10,000. This can only be from an IRA distribution, not a pension. If you took the money from your IRA, the screen shots below show you where to indicate the exception.

I withdraw $58000 out of my 401k to purchase a house, I only received $40000.$18000 went to tax penalty and taxes.When I file my taxes will I still owe any money?

in Retirement tax questions

Expert does your taxes

Do it yourself

Resources

Support

I took money out of retirement plan to purchase a house, is it still charged an early withdrawal penalty? If not, how do I enter in the system so it doesn't?

I took money out of retirement plan to purchase a house, is it still charged an early withdrawal penalty? If not, how do I enter in the system so it doesn't?

Unlock tailored help options in your account.

Get more help

Do you have a TurboTax Online account?

I took money out of retirement plan to purchase a house, is it still charged an early withdrawal penalty? If not, how do I enter in the system so it doesn't?

Do you have an Intuit account?

I took money out of retirement plan to purchase a house, is it still charged an early withdrawal penalty? If not, how do I enter in the system so it doesn't?

Unlock tailored help options in your account.

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert