Pricing
Support
Discuss
TurboTax.com
Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

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

Yes No
cancel
Turn on suggestions
Showing results for 
Search instead for 
Did you mean: 
dragus30
New Member
posted
‎June 4, 2019 10:18 PM
last updated ‎June 04, 2019 10:18 PM

If I withdraw $10K in May 2018 and still have the money to be used to buy a primary house in June 2019, Should I pay taxes and penalties?

 
0
2
146
Reply
1 Best answer

Accepted Solutions
fanfare
Level 15
‎June 4, 2019 10:18 PM

If I withdraw $10K in May 2018 and still have the money to be used to buy a primary house in June 2019, Should I pay taxes and penalties?

yes, because you have not bought the house within 120 days.

View solution in original post

0
146
Reply
2 Replies
fanfare
Level 15
‎June 4, 2019 10:18 PM

If I withdraw $10K in May 2018 and still have the money to be used to buy a primary house in June 2019, Should I pay taxes and penalties?

yes, because you have not bought the house within 120 days.

0
147
Reply
delanomarie
New Member
‎June 4, 2019 10:18 PM

If I withdraw $10K in May 2018 and still have the money to be used to buy a primary house in June 2019, Should I pay taxes and penalties?

Yes because you have not bought the house in the year you withdrew the funds.
0
146
Reply

Found what you need?

Start my taxes

Already have an account? Sign In

rating image(4.6/5 | 291,310 reviews)

Top help articles

view all
How do I use Form 8915 to report my 2020 COVID...
Where do I enter my 1099-R?
What's the difference between a conversion and...

Still have questions?

Make a post

Or browse the Forums

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.6m
Discussions

Quick links

link icon First Time Here?
link icon Community Do's & Don'ts
link icon Upcoming Events
link icon Ready to file your taxes?

How will changes in life affect next year’s refund?

Predict refund


Dynamic AdsDynamic Ads
Meet your expertsAll Experts >
ZhuoliA
I am a CPA in Wisconsin. I have been with Intuit for three tax seasons.
TomK2023
MBA, Enrolled Agent. Been preparing taxes professionally for 10+ years.
RalphH1
Enrolled Agent since 2008, Intuit Tax Expert since 2011.
MonikaK1
Enrolled Agent
LindaS5247
I am an Enrolled Agent. I worked for the I.R.S. for 33 years. I spent my last 11 years at the I.R.S. in Mand...
Manage cookies
v