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March 31, 2021
Question

Roth IRA withdrawal to purchase home.

  • March 31, 2021
  • 1 reply
  • 0 views

I entered the amount of my contributions ($13,200) which left earnings of $6,293.80.  There should be no taxes or penalties on earnings up to $10,000 if used for purchase of first home, however, Turbo Tax is saying the $6293.80 is taxable income.  The step by step program does not seem to separate contributions from earnings.

    1 reply

    ReneeM7122
    March 31, 2021

    Regarding the $10,000 penalty exemption for a first time home purchase, please view a similar Q&A in this thread.