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I did an early distribution from my IRA for a down payment on a first home. What is the correct way to code this so I am not penalized?
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You can take up to $10,000 as long as you use it to close within 120 days of the withdrawal. You still owe regular income tax of course. Enter the 1099-R exactly as you received it. Then keep going in the interview, you will be asked a question about whether you qualify for an exception, you can check the box for first time home buyer.
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