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January 24, 2021
Question

I was 64 Years old in 2020 and withdrew down-payment from TSP IRA for first home purchase . Can I file with free TurboTax edition? I receive SSDI disability income.

  • January 24, 2021
  • 1 reply
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My only income is from Disability social security.

1 reply

January 24, 2021

Yes, taking money out of your TSP will generate a 1099R which is a form that is included with TurboTax Free/Basic.  You will need also include the amounts from 1099-SSA for the Social Security benefits received this year since you will have taxable income from the withdrawal form the TSP.

 

Depend upon how much you took out for your home purchase, up to 85% of your Social Security benefits could be taxable so be prepared!