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T
toaks
Level 2
January 24, 2021
Question

1st time homebuyer , 10000 dist from roth ira code J won't come off income

  • January 24, 2021
  • 2 replies
  • 22 views
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2 replies

dkh
dkh
Level 15
January 24, 2021

First time home buyer election eliminates the 10% penalty on early withdrawals.  Use Form 5329 to indicate no penalty is required.

    T
    TaxGuyBill
    January 24, 2021

    As a side note, is the Roth withdrawal even supposed to be taxable?  You need need to enter the BASIS of the Roth into the program because the withdrawals of the Basis are non-taxable.

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