topic I pulled out $10k from my IRA for 1st time homeowner, but I'm not seeing where I can take this credit, or whatever it's called. Where do I find it? in Retirement tax questions

I pulled out $10k from my IRA for 1st time homeowner, but I'm not seeing where I can take this credit, or whatever it's called. Where do I find it?

andflnt — Mon, 13 Jul 2020 19:53:39 GMT

Re: I pulled out $10k from my IRA for 1st time homeowner, but I'm not seeing where I can take thi...

MinhT1 — Mon, 13 Jul 2020 20:21:05 GMT

To take advantage of the exception to the early withdrawal penalty for first time homebuyers (up to $10,000), on the summary page of your 1099-R entries, click Continue and follow the TurboTax interview. You can indicate that your withdrawal is for a first time home purchase.

Re: I pulled out $10k from my IRA for 1st time homeowner, but I'm not seeing where I can take this credit, or whatever it's called. Where do I find it?

macuser_22 — Mon, 13 Jul 2020 20:25:04 GMT

Enter the 1099-R. it is not a credit, it only exempts you form the 10% early distribution penalty of you are under age 59 1/2.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]