mortgage

Forum|Forum|6 years ago
March 30, 2020
1 reply
6 views

I started buying my house in 2019 and paid insurance out of a 401k withdrawal but didnt close on my house til 2020 feb can I claim any of this/

xmasbaby0

Level 15

If you did not close on the house in 2019 then you do not have homeownership deductions to use on a 2019 tax return.

However, if you took money out of a 401k in 2019 you are going to have to enter a 1099R for that withdrawal from your retirement account. If you are under the age of 59 1/2 you have a 10% early withdrawal penalty as well as ordinary income tax for that withdrawal.

To enter your retirement income, Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**