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

toaks
Level 2
 
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2 Comments 2
dkh
Level 15

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

TaxGuyBill
Level 15

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.