What is IDA withdrawal for home purchase?
Did you make a qualified withdrawal from your IDA to buy your home? The withdrawal must be used for settlement, financing or other closing costs incurred in purchasing a primary residence. This
credit is in addition to the subtraction for contributions to the IDA.
The credit is the least of:
The amount withdrawn from the IDA,
The qualifying closing costs to purchase a primary residence,
The taxpayer's tax liability for the year, or
$2,000.
There is no carryforward and the credit is not prorated for part-year residents or nonresidents.
The credit is the least of:
There is no carryforward and the credit is not prorated for part-year residents or nonresidents.
