Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 6, 2019 9:29:01 AM

I withdraw $10K from my 401k for my first home purchase down payment. were can i report it. what is the process?

0 1 1133
1 Replies
Level 15
Jun 6, 2019 9:29:02 AM

You took money out of a 401k for a down payment?  Money taken from a 401k is not an exception to the 10% early withdrawal penalty.  The distirbution you took will be  taxable along with your other income and you will owe the 10% penalty if you are under 59 1/2.  You need to enter the 1099R you got for the withdrawal on your tax return:

 Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.