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

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

I withdrew money out of my retirement to put a down payment on the purchase of a house. Does this work for the other section where I don't have to pay a penalty for the

 
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.

1 Best answer

Accepted Solutions
Anita01
New Member

I withdrew money out of my retirement to put a down payment on the purchase of a house. Does this work for the other section where I don't have to pay a penalty for the

It might.  The exception is for the purchase of a first home, so if you have not owned a home for 2 years prior to this purchase, you would qualify for the exception to the 10% penalty.

View solution in original post

3 Replies
Anita01
New Member

I withdrew money out of my retirement to put a down payment on the purchase of a house. Does this work for the other section where I don't have to pay a penalty for the

It might.  The exception is for the purchase of a first home, so if you have not owned a home for 2 years prior to this purchase, you would qualify for the exception to the 10% penalty.

I withdrew money out of my retirement to put a down payment on the purchase of a house. Does this work for the other section where I don't have to pay a penalty for the

It is my first home so Thank You so much for your help!!
Anita01
New Member

I withdrew money out of my retirement to put a down payment on the purchase of a house. Does this work for the other section where I don't have to pay a penalty for the

Congrats on becoming a homeowner!

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