610072
You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
KenC2917
New Member
melodye_ford2928
New Member
araciak
Returning Member
Bebl21
Level 1
richard-colbert
New Member