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Can i claim deduction from first home mortgage payments using withdrawn ira funds
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Well... you can claim a deduction for the mortgage interest on the home - but not the actual mortgage payments- since you paid it, and it doesn't matter where the money comes from.
As to the actual IRA withdrawal... you are not asking about this, but I would like to not this anyway...If the IRA withdrawal is an early distribution, you may be subject to additional tax penalty of 10% on the early distribution unless certain exceptions apply... buying your first home is an exception to this penalty. You should have received form 1099-R - be sure to enter the form exactly as it appears and answer follow up questions; you will be asked about your IRA contributions and the exception. The tax treatment will apply based on your answers.
- Federal Taxes
- Wages and Income
- Scroll down to Retirement Plans and Social Security
- Select IRA, 401(k), Pension Plans (1099-R)
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