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rpc08002
New Member

I withdrew $14,958.29 and had $4,484.49 Federal income tax withheld in FL and used $5,000.00 towards a down payment purchasing a home, does this qualify as an exception?

 
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Anita01
New Member

I withdrew $14,958.29 and had $4,484.49 Federal income tax withheld in FL and used $5,000.00 towards a down payment purchasing a home, does this qualify as an exception?

If the withdrawal was taken from an IRA account and you had not owned a primary residence for the two years prior to the closing date on this house, it would count as an exception to the 10% early distribution penalty on the $5,000.  The money withdrawn would still be taxable income though.

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Anita01
New Member

I withdrew $14,958.29 and had $4,484.49 Federal income tax withheld in FL and used $5,000.00 towards a down payment purchasing a home, does this qualify as an exception?

If the withdrawal was taken from an IRA account and you had not owned a primary residence for the two years prior to the closing date on this house, it would count as an exception to the 10% early distribution penalty on the $5,000.  The money withdrawn would still be taxable income though.

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