IRA distribution

Forum|Forum|2 years ago
October 25, 2023
1 reply
2 views

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.

Ask the Experts - Extension - Sept 2023

Loretta P

Employee Tax Expert

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 Normally you can use up to $10,000 withdrawn from an IRA toward the purchase of a home for a first time home buyer without having to pay the additional 10% penalty for early withdrawal from the IRA if you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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"