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Message
Tax professional help
Posted on 1/25/18 at 3:43 pm
Posted on 1/25/18 at 3:43 pm
Can I claim exemption for early withdrawal penalty from an IRA to help with a home purchase due to a job transfer? This is not my first home purchase.
TIA!
TIA!
2
Posted on 1/25/18 at 4:14 pm to bmcmil2
why not just take a loan against it instead or is that possible with an IRA? I know most 401(k) plans allow loans.
Posted on 1/25/18 at 4:20 pm to MadDoggyStyle
It may have not been the smartest move, but it was a rollover from a previous employer and wasn't that large. The penalty isn't that substantial because of the amount just wondering if I could avoid the penalty.
Posted on 1/25/18 at 4:41 pm to bmcmil2
Yes, for up to $10,000 of withdrawal amount
Still have to pay income tax, just the penalty is waived
Need to fill out Form 5329
Still have to pay income tax, just the penalty is waived
Need to fill out Form 5329
This post was edited on 1/25/18 at 4:42 pm
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