If I withdrew money from my investments to purchase a vehicle. How do I claim this for maximum benefit?

Forum|Forum|1 year ago
January 29, 2025
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I withdrew the amount to pay in full for a $60K vehicle

xmasbaby0

Employee

What investments? Do you mean money from a retirement account? Money from a brokerage account?

If you took money out of a retirement account like an IRA, and you are under 59 1/2, you pay a 10% early withdrawal penalty plus ordinary income tax. You will get a 1099R for that.

If you sold some sort of stocks or investment funds, you will get a 1099B.

Or did you get the money from someplace else?

Not sure why you think there is going to be a benefit for purchasing a car---which usually begins to lose value when you drive out of the dealership in it.

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