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    BLITZ8A's Avatar
    BLITZ8A Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 15, 2009, 03:43 PM
    Last years1099r used in down payment on 1st time home buyer next tax year?
    2007 taxes I was 1099-r on $20000 on a term. 401k plan from my Employer around November 07? I put it in a savings account. PAID ALL FEES 10% & STATE/FED TAXES & EARLY RETIREMENT PENALTY ON MY 07 TAX RETURNS. In June of 2008 I purchased a Home with that Money all transactions are from the saving acc. Put 16k down? I UNDERSTAND ONLY 10K CAN BE CLAIMED OR WAIVED FROM TAX PENALTIES BUT HOW CAN I FILE THIS YEAR REGARDING THIS ISSUE? Thx
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 16, 2009, 08:40 AM
    You are referring to the program where you can withdraw up to $10,000 to help finance the first-time purchase of a home. Under this program, you must pay income taxes (state and federal) on the $10,000, but you get to waive the 10% Early Withdrawal Penalty.

    Unfortunately, that program applies to withdrawals from IRAs, NOT 401K pension plans.

    Sorry!
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