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drivinmecrazy40
New Member

We took money out of 401k to buy a house and deposit on it where do I put this information?

 
1 Reply
MichaelDC
New Member

We took money out of 401k to buy a house and deposit on it where do I put this information?

If it was a loan on your 401k, you don't have to include it. If you took a distribution on your 401k, you'll be receiving a 1099-R that you'll enter into TurboTax. The fact that it was a deposit to buy a home is irrelevant for tax purposes.

Note: 401k distributions to for the purchase of a home are subject to 10% penalty if it's a premature distribution before age 59-1/2

You'll get a 1099-R if you received $10 or more from a retirement plan. Here's how to enter your 1099-R in TurboTax:

1.       Open (continue) return if you don't already have it open.

2.       Inside TurboTax, search for 1099-R or 1099R (lower-case works too) and then click or tap the "Jump to" link in the search results.

3.       Answer Yes on the Your 1099-R screen, then click or tap Continue.

·         If you land on the Your 1099-R Entries screen instead, click or tap Add Another 1099-R.

4.       Select how you want to enter your 1099-R (import or type it in yourself) and then follow the onscreen instructions.

 

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