What are the tax consequence if I take out money for my first home from a traditional IRA?

marutpawla — Tue, 04 Jun 2019 21:02:16 GMT

If you withdraw from your IRA to buy your first home (and...

MinhT — Tue, 04 Jun 2019 21:02:17 GMT

If you withdraw from your IRA to buy your first home (and assuming that you are under age 59 1/2). the whole amount of the distribution is subject to income tax. Also, you will have to pay an early withdrawal penalty of 10% on the amount less up to $10,000 (which is the exception to the penalty when you buy your first home).

Please read this TurboTax FAQ:

https://ttlc.intuit.com/replies/3301632

topic What are the tax consequence if I take out money for my first home from a traditional IRA? in Retirement tax questions

What are the tax consequence if I take out money for my first home from a traditional IRA?

If you withdraw from your IRA to buy your first home (and...