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JanineDeRosa
Returning Member

hardship loan

I am over 60 rolled my 401 K into an IRA and used this to buy a house.  Is this considered a hardship loan and how do I file this on the Turbo tax form.  Thanks

2 Replies
DoninGA
Level 15

hardship loan

There are no loans from an IRA.  If you withdraw the funds from the IRA then you have a taxable event.  You will receive a Form 1099-R from the plan administrator in January 2021 for the withdrawal in 2020.  The taxable amount of the withdrawal is entered on your tax return as taxable income and taxed at your current tax rate.

 

Since you are older than 59 1/2 there will not be an early withdrawal penalty.

JanineDeRosa
Returning Member

hardship loan

Thank you DoninGA

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