Re: OT-Can I take $$ from 401K toward home purchase>> - Saab General Bulletin Board - Saabnet.com
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Re: OT-Can I take $$ from 401K toward home purchase>>
Posted by EAL [Email] (more from EAL) on Wed, 4 Feb 2004 09:09:52
In Reply to: Re: OT-Can I take $$ from 401K toward home purchase>>, compaqted, Wed, 4 Feb 2004 09:02:54
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yes, you can take up to 10,000 dollars out of a 401(k) plan to buy a home. buying a home is one of the few things that you can do with withdrawn money and avoid the 10% holdback the government usually demands for withdrawing money early from a 401(k). the withdrawn funds will be added onto your income for the year ( ie. if you make 50k and withdraw 10k you income for the year is 60k and you will be taxed on the 60k). however, if you have a Roth IRA, i believe that you can take the same amount of money (10k) out and only pay money on the interest earned (ie. 10,000 in a Roth, 9000 your contributions, 1000 interest earned, pay taxes only on the 1000).
check with the irs.gov website for changes.
posted by 132.239.19...
Posts in this Thread:
- OT-Can I take $$ from 401K toward home purchase>>, elSVT, Wed, 4 Feb 2004 08:35:14
- Re: OT-Can I take $$ from 401K toward home purchase>>, EGD , Wed, 4 Feb 2004 22:11:40
- Don't do it!, J, Wed, 4 Feb 2004 21:03:25
- Is 20% the problem, PMI?, Randy Thatcher , Wed, 4 Feb 2004 11:15:49
- Re: OT-Can I take $$ from 401K toward home purchase>>, gizmo , Wed, 4 Feb 2004 10:04:53
- better idea, jeff, Wed, 4 Feb 2004 09:38:49
- Re: OT-Can I take $$ from 401K toward home purchase>>, compaqted, Wed, 4 Feb 2004 09:02:54
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