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fredricksfamily
New Member

Used retirement do to moving. We used 6500 for buying a camper that we are leaving in and we put 5,000 down on a truck. Can i us this on other reason to lower my tax bill

 
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xmasbaby0
Level 15

Used retirement do to moving. We used 6500 for buying a camper that we are leaving in and we put 5,000 down on a truck. Can i us this on other reason to lower my tax bill

No.  Moving expenses are not deductible for anyone except active duty members of the military.  Using your retirement money to buy a camper or a truck is not deductible, nor is it any sort of exception to making that income taxable.  Ifyou are under 59 1/2 you will also owe a 10% early withdrawal penalty for the distribution from the retirement account, as well as ordinary income tax.

You will get a 1099R for the money you took from your retirement account.

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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2 Replies
xmasbaby0
Level 15

Used retirement do to moving. We used 6500 for buying a camper that we are leaving in and we put 5,000 down on a truck. Can i us this on other reason to lower my tax bill

No.  Moving expenses are not deductible for anyone except active duty members of the military.  Using your retirement money to buy a camper or a truck is not deductible, nor is it any sort of exception to making that income taxable.  Ifyou are under 59 1/2 you will also owe a 10% early withdrawal penalty for the distribution from the retirement account, as well as ordinary income tax.

You will get a 1099R for the money you took from your retirement account.

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.**

View solution in original post

Lisa995
Level 12

Used retirement do to moving. We used 6500 for buying a camper that we are leaving in and we put 5,000 down on a truck. Can i us this on other reason to lower my tax bill

No.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
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