Not sure what to do if I used my 401k with drawl to pay for my home

[kimm6]

I took money out of my 401k to buy a house.  What forms do I need for this?

[VolvoGirl]

Usually a 401K is fully taxable and a 10% Early Withdrawal Penalty for distributions.   There is no exception for buying a home.  That's only for IRA withdrawals.

You will get a 1099R for it.

The easiest way to get to the 1099-R entry screen is to simply search for 1099-R (upper- or lower-case, with or without the dash) in your TurboTax program and then click the "Jump to" link in the search results.

Enter a 1099R under

Federal Taxes Tab or Personal (Home & Business)

Wages & Income at the top

Then scroll way down to Retirement Plans and Social Security,

Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit

If you are filing a Joint return be sure to pick which person it is for.

Don't enter the bank or broker name and don't try to import it.  It is just as fast and easy to manually enter it.  At the bottom pick -  Change How I enter my Form

Then on the next screen pick I'll Type it in Myself

[DoninGA]

There is not an exception to the early withdrawal penalty when the withdrawal is from a 401(k) account for a first time home purchase.  The exception is only if the withdrawal was from an IRA and then only the first $10,000 can be excluded from the penalty.

To enter, edit or delete a form 1099-R -

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Scroll down to Retirement Plans and Social Security
• On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R