Withdrawing funds from 401K to purchase a home.

[denise2128]

Is there any reporting difference when reporting an 1099-R withdrawal used to purchase a second home?

[xmasbaby0]

There is not an exception to the 10% early withdrawal penalty for taking money from a 401k to buy a home.    That exception to the penalty is only for a traditional IRA.  You will owe the penalty and ordinary income tax.    Did you already take out the money?  You have 60 days to put it back if you want to avoid that penalty.

Enter your 1099R if you have i

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.

[Bsch4477]

No difference. You pay ordinary income tax as well as a penalty if it is an early withdrawal.