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March 19, 2022
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1099-R Box 7 has a 1 instead of a 2 - First Time Home w early Pension withdrawal

  • March 19, 2022
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This early pension distribution was for the purchase of a first-time home so I believe the penalty should be waived. Box 7 has a 1 rather than a 2. How do I proceed to file with tt to not show the penalty? Lets assume the 1099-R will not be revised by the issuer. In other words how do I report the 1 to match the IRS and still have the return not reflect the penalty since it was used for a first time home purchase.   I appreciate your time on this question. 

 

Lloyd....

Best answer by ColeenD3

The first-time homebuyer provision is for IRAs only. It does not apply to pensions.

1 reply

ColeenD3
ColeenD3Answer
March 19, 2022

The first-time homebuyer provision is for IRAs only. It does not apply to pensions.

Lloyd2Author
March 19, 2022

Thank you.