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mitchdeb
New Member

I used the money from my early 1099-R withdrawal to purchase a house. do I still have to pay taxes on the withdrawal?

 
1 Reply
SweetieJean
Level 15

I used the money from my early 1099-R withdrawal to purchase a house. do I still have to pay taxes on the withdrawal?

If it's a Traditional IRA, yes you do. However, up to $10,000 of the withdrawal may be exempt from the 10% early withdrawal penalty if was a first time home purchase.

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