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stephanycraig
April 15, 2020
Question

Do I have to pay additional tax if the money distributed from a retirement account was used to purchase a home?

  • April 15, 2020
  • 1 reply
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1 reply

AmyC
AmyC
Employee
April 16, 2020

It depends on what kind of retirement account.  Please see Tax on Early Distributions (and exceptions). It has a nice chart of retirement accounts. Scroll down to homebuyers to see which types are allowed. Only the first $10,000 is an exception, if allowed at all.

 

For complete details on all things retirement, see the IRS Retirement Center.

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