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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 14462
Experience:  15years with H & R Block. Divisional leader, Instructor
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Want to withdrawal $10,000 from traditional ira (to buy a

Customer Question

Want to withdrawal $10,000 from traditional ira (to buy a house) that I just rolled from a 401k. Will I be taxed on that
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Hello

When you rolled the money to the IRA it was not taxable and kept it's tax deferred status until you withdraw.

You will be taxed on the amount you take out from the Trad IRA.

Since you are buying a house and if it qualifies as a first time home purchase, you would not have a 10% penalty (just in case you are not 59 1/2).

After you view my response, please post below if you need more information or if you need no further clarification a positive rating is appreciated.
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Expert:  Robin D. replied 1 year ago.

Please advise if you need more information