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New Member
posted Apr 5, 2025 7:52:25 PM

Is a withdrawal from my Ira taxable if used to buy a home?

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2 Replies
Level 15
Apr 5, 2025 7:56:11 PM

Yes, it is taxable but the early withdrawal penalty is waived on the first $10,000 of the distribution you take from your IRA to make the down payment on a home if you are younger than 59 1/2. 

 

 

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

 

Level 15
Apr 5, 2025 8:08:10 PM

Qualified first-time buyers can withdraw up to $10,000 from their IRA penalty free to buy, build or rebuild a first home. You must close on the transaction within 120 days of receiving the funds.