turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

bkschmi
New Member

I've just filed my 1099-R where I had a 13,741 distribution. There's supposed to be a place to indicate 10K on a first home purchase but it didn't appear

Apparently this question is supposed to appear: "Did you use your IRA to pay for any of these expenses?" - and the answer is "first home purchase" but it didn't appear.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
BillM223
Expert Alumni

I've just filed my 1099-R where I had a 13,741 distribution. There's supposed to be a place to indicate 10K on a first home purchase but it didn't appear

Are you under 59 1/2? Being younger than that would trigger a 10% early distribution penalty. But if you are older than 59 1/2, then there would be no penalty, hence no need for the question.

 

Second, can you confirm that the distribution was from an IRA and not some sort of retirement plan like a 401(k)?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
dmertz
Level 15

I've just filed my 1099-R where I had a 13,741 distribution. There's supposed to be a place to indicate 10K on a first home purchase but it didn't appear

As BillM223 implies, the first-home penalty exception only applies to distributions from IRAs.  If the Form 1099-R provided by the payer does not have the IRA/SEP/SIMPLE box marked (and likely code 1 in box 7), your distribution is not eligible for this penalty exception.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question