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If I am over 59 1/2 and withdrew $60,000 last year from my IRA to use as a down payment for our home purchase we are first time home buyers
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If I am over 59 1/2 and withdrew $60,000 last year from my IRA to use as a down payment for our home purchase we are first time home buyers
The only tax break you get for using an IRA withdrawal for a first time home purchase is an exception to the 10% early withdrawal penalty on up to $10,000. Since you were already 59 1/2 when you took the withdrawal, you are not subject to the penalty anyway.
You must enter the 1099-R for the withdrawal on your tax return and pay ordinary income tax on the taxable amount of the withdrawal.
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If I am over 59 1/2 and withdrew $60,000 last year from my IRA to use as a down payment for our home purchase we are first time home buyers
The only tax break you get for using an IRA withdrawal for a first time home purchase is an exception to the 10% early withdrawal penalty on up to $10,000. Since you were already 59 1/2 when you took the withdrawal, you are not subject to the penalty anyway.
You must enter the 1099-R for the withdrawal on your tax return and pay ordinary income tax on the taxable amount of the withdrawal.
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