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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- What form do I use to input the information for a first time buyer that withdrew money from their IRA? I see form 8606 I entered info but it did not calculate.
What form do I use to input the information for a first time buyer that withdrew money from their IRA? I see form 8606 I entered info but it did not calculate.
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Jonsee
Level 1
02-12-2021
01:53 PM
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The taxpayer withdrew money from their IRA to buy a house, when I enter all of the w-2, pension info I get the total income which makes the taxpayer have to pay back taxes so how do I inter the info for the first time buyer so they want have to pay taxes on the IRA?
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sjrcpa
Level 15
02-12-2021
03:09 PM
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First time homebuyer rule, if applicable, only gets you out of the 10% penalty not the income tax.
Might COVID related distribution apply?
The more I know, the more I don't know.
