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SafeKitty
Level 1
Nov 16, 2022 6:11 PM UTC
Question

Correct place for info

Paid off my mortage with funds from my 401K. What do put on my taxes?

    1 reply

    JandKit
    Level 6
    Nov 16, 2022 6:19 PM UTC

    Hi  SafeKitty,

    If you paid off your mortgage with your 401-K, you should receive a 1099-R for the amount taken from the 401K. If you do not meet the age requirement, typically 59.5 years of age, you would pay a 10% penaltyfor the early withdrawal. You could still possibly claim the mortgage interest and real estate taxes paid on the home as well.

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