401K First Time Home Buyer

I know you can withdraw up to 10K from an IRA (roth or regular) for purchase of a home if you are a first time home buyer, but I searched and searched and this exception does not seem to apply to 401k’s.

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Special First-Time Homebuyer Clause. Roth IRA rules state that a first time homebuyer can withdraw funds from a Roth IRA under the following conditions: The account has been open for five years. You withdraw $10,000 or less to purchase a home. The funds are used directly toward home acquisition (down payment, closing costs, etc.).

As a first time buyer, you can withdraw up to $10,000 from an IRA. Although you have the option of using 401(k) and IRA money to purchase a home, many financial advisers warn against doing so. One.

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Amounts withdrawn from your 401(k) plan and used toward the purchase of your home will be subject to income tax and a 10% early-distribution penalty (if you’re under age 59).

Buying your first home can be a daunting. your assets (savings, 401(k), etc.) and debt, as well as any local programs that might be available for down payment assistance. That’s where your homework.

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Best Answer: Unfortunately, the first time homebuyer exception to the 10% penalty for early withdrawals applies only to IRAs, not 401(k)s. The whole distribution amount will be included with your other income and taxed at whatever rate your total income dictates. In addition, there is a 10% penalty for early withdrawal.

Job hoppers who cash out their 401(k) make up 10 percent of all retirement savings withdrawals. home purchases. ira account holders can withdraw up to $10,000 without penalty to purchase or build a.

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