IRA distribution

carolegeo — Tue, 24 Feb 2026 07:34:54 GMT

I took $69k out of my retirement account in 2019 to purchase a manufactured home as my primary residence. I declared it as income and paid the resulting taxes. Now I wonder if I could have excluded the amount used to purchase the home? And is it too late to amend my 2020 return. Thank you.

Re: IRA distribution

Loretta P — Wed, 25 Oct 2023 19:16:52 GMT

Hello Carolegeo, Congratulations on the new home. You have 3 years in which to amend a filed return. Normally you can use up to $10,000 withdrawn from an IRA toward the purchase of a home for a first time home buyer without having to pay the additional 10% penalty for early withdrawal from the IRA if you are under 59 1/2 years of age.

Helpful links:

Can I Redo My Taxes and Should I?

Buying Your First Home

I hope this answers your question.

Loretta P

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IRA distribution

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