slaureano
Level 1
 
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Just-Lisa-Now-
Level 15
Level 15

You would use Form 5329 to exclude the early withdrawal penalty on up to $10k of that distribution.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
George4Tacks
Level 15

Hi there,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Cheers!

P.S. if you are not using Turbo Tax, please indicate the software you are using.

 


Here's wishing you many Happy Returns
JONI9611
Level 3

Can you be a first time home buyer if you owned a house and got divorced . G ave house to your husband. After the divorce and you are buying a house for the first time by yourself?

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George4Tacks
Level 15
lillysardi
Level 1

Thank you so much for your help

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tambi
Level 2

Taxpayer does not have an early withdrawal penalty due to her age (76) but she was told she can exclude up to $10,000 of her $136,000 distribution for purchasing her first home. I am not finding anything on the exclusion for persons of her age.

0 Cheers
abctax55
Level 15

@tambi 

Susan (sjr) already answered your question and told you your client doesn't qualify for any exclusion.

https://proconnect.intuit.com/community/tax-talk/discussion/1st-time-homebuyer-age-76/00/217364

I hope she got the advice she was given in writing - she might have some legal recourse against that advisor.

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