Used 401k funds to purchase a home

justicejordan200 · ‎April 15, 2022

Do I have to pay additional taxes?

xmasbaby0 · ‎April 15, 2022

If you used money from a 401k before you reached age 59 1/2 you will owe the 10% early withdrawal penalty as well as ordinary income tax. You do not get an exception to an early withdrawal from a 401k for purchasing a house. The exception for that is only for a traditional IRA.

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.**

MayaD · ‎April 15, 2022

Did you take a 401k loan or you did you withdraw the money from your account?

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Used 401k funds to purchase a home