The SECURE Act says new parents can withdraw up to $5K from a retirement account to pay for adoption expenses & avoid the 10% penalty. Where do I note this on TT?
It's not listed as one of the expenses paid for on the "Did you use your IRA to pay for any of these expenses?" page - do I list this under medical or "other" or...?
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1 Replies
CatinaT1
Expert Alumni
Feb 11, 2020 10:00:23 AM
This did not go into effect until January 1, 2020. This option will be available when you file your 2020 taxes in 2021.