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    #1

    Purchase of first home....

    When you purchase your fisrt home with $10,000 taken out of your retirement plan, how do you report that event which is not taxable? The 1099-R does not have any code indicating that the money is exempt from paying taxes, instead the 1099-R was issued with code 1 (box 7) which means early distribution...Any help will be highly appreciated...
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    #2
    The penalty exclusion is for IRA's ONLY. Not retirement plans. The 10% penalty can be excluded but not the income tax.
    You have the right to remain silent. Anything you say will be misquoted, then used against you.

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