I am over 60 years and drew funds from a traditional IRA in 2022 for pmt of a contract on a new home that will be primary residence in 2023. Is the withdrawal taxable?

mitzo1310 · ‎January 29, 2023

xmasbaby0 · ‎January 29, 2023

Yes it is taxable. You are not subject to the 10% early withdrawal penalty since you were older than 59 1/2, but a distribution from a retirement account is taxable. You will receive a 1099R for the money you took out.

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.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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I am over 60 years and drew funds from a traditional IRA in 2022 for pmt of a contract on a new home that will be primary residence in 2023. Is the withdrawal taxable?