Roth IRA Distribution for first time home buyers question

I read that one may withdraw $10K with no penalty if used toward buying a house for the first time. How do I apply that into turbotax? Thank you.

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Roth IRA Distribution for first time home buyers question

The first 10K of what? And for what purpose?

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Roth IRA Distribution for first time home buyers question

sorry, somehow the original question and details were missing.

Roth IRA Distribution for first time home buyers question

No. That's not correct. There is a penalty exception for first time home buyers for IRA distributions up to $10,000.

Here are the other exceptions:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distri...

Roth IRA Distribution for first time home buyers question

sorry, somehow the original question and details were missing. I have revised the question

Roth IRA Distribution for first time home buyers question

In that case, you're correct, although a Roth Distribution may not be the most financially sound since it's mostly tax-free with taxes and penalties on only the earnings. If you have the possibility, a traditional IRA may be a better deal. Hope that helps.