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dragus30
New Member

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?

 
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fanfare
Level 15

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.

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2 Replies
fanfare
Level 15

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.

delanomarie
New Member

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.

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