You'll need to sign in or create an account to connect with an expert.
It's too late. You cannot avoid the 10% penalty after you have closed on the house. You do not have 120 days before or after the closing. You have to use the money to buy the house within 120 days after (but not before) you receive the distribution from the IRA. Since you have already paid for the house, there is no way that you can meet that requirement.
It's too late. You cannot avoid the 10% penalty after you have closed on the house. You do not have 120 days before or after the closing. You have to use the money to buy the house within 120 days after (but not before) you receive the distribution from the IRA. Since you have already paid for the house, there is no way that you can meet that requirement.
What about withdrawing after I have signed the purchase contract but before the closing date? Will that still qualify?
What about withdrawing after I have signed the purchase contract but before the closing date? Will that still qualify?
This is a forum not a live chat room ... you must wait for someone to answer your post.
The rule is 120 days before the closing ... not the contract date.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Platypus78
New Member
Mcb050032
Level 2
VentusB
New Member
mrmugz
New Member
Mytwocents
Level 1
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.