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Level 3
posted Mar 18, 2022 10:10:26 PM

1099-R Box 7 has a 1 instead of a 2 - First Time Home w early Pension withdrawal

This early pension distribution was for the purchase of a first-time home so I believe the penalty should be waived. Box 7 has a 1 rather than a 2. How do I proceed to file with tt to not show the penalty? Lets assume the 1099-R will not be revised by the issuer. In other words how do I report the 1 to match the IRS and still have the return not reflect the penalty since it was used for a first time home purchase.   I appreciate your time on this question. 

 

Lloyd....

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1 Best answer
Expert Alumni
Mar 19, 2022 4:11:45 AM

The first-time homebuyer provision is for IRAs only. It does not apply to pensions.

2 Replies
Expert Alumni
Mar 19, 2022 4:11:45 AM

The first-time homebuyer provision is for IRAs only. It does not apply to pensions.

Level 3
Mar 19, 2022 9:00:21 AM

Thank you.