Level 15
02-23-2024
02:11 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The financial institution doesn't care what you used it for.
If its an IRA you can exclude the first 10,000 from the penalty for early withdrawal if it was used for a first time home purchase, but its still taxable income.
If its a 401k, no penalty exclusion.
You use Form 5329 for the penalty exclusion.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪