You'll need to sign in or create an account to connect with an expert.
Can you clarify what first-time homebuyer exception you are referring to?
There is a proposed bill that if passed, would provide a mortgage relief credit for first time home buyers. However, it has not passed yet and therefore, does not affect your 2023 income tax return.
The last time a first-time homebuyer credit was in effect was for purchases that occurred from 2008-2010. Please see this link for additional information.
Did you take a IRA distribution early to buy a house? That is just an exception to the 10% Early Withdrawal Penalty. You still owe the tax on it.
For the ROTH. Did you make a contribution? You may have contributed over the max allowed. Or did you convert a IRA to a ROTH IRA? That is taxable.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
katebethel
New Member
tom-klingelhoefe
New Member
jowened
New Member
nomenclature1234
Level 1
lee-phillips89
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.