Re: Form 5329
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

Form 5329

My question is...we are trying to buy a house and would like to use $10,000 of my Simple IRA $.  I am under the impression that i can use this money tax free if we have not purchased a house in the last two years.  It has been 4 years since i have done this.  Does anyone know this answer?

1 Reply
Level 15

Form 5329


@kmccreary wrote:

 I am under the impression that i can use this money tax free if we have not purchased a house in the last two years. 


Not tax free.    Up to $10,000 can be distributed without the additional early distribution penalty but the  normal tax on the distribution still applies.

 

See IRS pub 590B for details.  (The same rules for a Traditional IRA apply to a SIMPLE IRA for first home).

https://www.irs.gov/publications/p590b#en_US_2018_publink1000230922

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Dynamic Ads
v
Privacy Settings