Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
luisagui1022
New Member

Isn't buying a home for the first time an exception to take out of a retirement account prior to age 59.5? Turbotax doesn't mention that exception.

 
4 Replies
VolvoGirl
Level 15

Isn't buying a home for the first time an exception to take out of a retirement account prior to age 59.5? Turbotax doesn't mention that exception.

Only from an IRA and only to waive the 10% Early Withdrawal Penalty on up to 10,000.

luisagui1022
New Member

Isn't buying a home for the first time an exception to take out of a retirement account prior to age 59.5? Turbotax doesn't mention that exception.

So not from a 401k? I took out of my 401k for a first time home purchase thinking it would void the 10% penalty fee. 

VolvoGirl
Level 15

Isn't buying a home for the first time an exception to take out of a retirement account prior to age 59.5? Turbotax doesn't mention that exception.

Sorry.  IRS 401K plan Info.  Scroll down and see the exceptions to the 10% Early Withdrawal Penalty

https://www.irs.gov/retirement-plans/plan-participant-employee/401k-resource-guide-plan-participants...

luisagui1022
New Member

Isn't buying a home for the first time an exception to take out of a retirement account prior to age 59.5? Turbotax doesn't mention that exception.

Wow, oops. thank you! 

Privacy Settings
v