i took money from roth ira for down payment for the house, this is not the first house, how i can get tax exempted

goldsharks · ‎January 31, 2020

MinhT1 · ‎January 31, 2020

No, if you are not a first-time home buyer, there is no exception to the early withdrawal penalty.

If you are younger than 59 1/2 or the Roth IRA is less than 5 years old, you have to pay income tax and a penalty of 10% on the earnings withdrawn.

Please read this TurboTax Help topic for more information.

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MinhT1 · ‎January 31, 2020

No, if you are not a first-time home buyer, there is no exception to the early withdrawal penalty.

If you are younger than 59 1/2 or the Roth IRA is less than 5 years old, you have to pay income tax and a penalty of 10% on the earnings withdrawn.

Please read this TurboTax Help topic for more information.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

rjawakefield · ‎March 7, 2020

I took a similar tact, took cash from roth IRA for retirement home.

Did you get any good input?

MaryK4 · ‎March 7, 2020

The exception is for the FIRST home purchased, subsequent purchases will not qualify.

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