IRA distribution

[carolegeo]

I took $69k out of my retirement account in 2019 to purchase a manufactured home as my primary residence.  I declared it as income and paid the resulting taxes. Now I wonder if I could have excluded the amount used to purchase the home?  And is it too late to amend my 2020 return.  Thank you.

[Loretta P]

Hello Carolegeo,  Congratulations on the new home.  You have 3 years in which to amend a filed return.  Normally you can use up to $10,000 withdrawn from an IRA toward the purchase of a home for a first time home buyer without having to pay the additional 10% penalty for early withdrawal from the IRA if you are under 59 1/2 years of age.

Helpful links:

Can I Redo My Taxes and Should I? 

Buying Your First Home 

I hope this answers your question.

Loretta P

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