401k Rules Withdrawal
401K Account – Withdrawal for home buyer?
I’m a first-time home buyer.
>> Can I withdraw some or all my funds from my 401K Retirement Account to use for the down payment for a home purchase?
>> Would I have to pay taxes on the money I withdraw?
>> Would I then NOT be able to contribute money to my 401K for a period of time?
>> Any other restrictions/rules/ requirements I should be aware of?
Thanks for any information!!
You may be able to take out loan against your 401K but that is a bad idea on numerous levels. You probably cannot make a withdrawal as long as you remain employed and if you can you would pay taxes and penalties.
I’ve said this 1,000 times and will probably say it another 1,000 times. Your 401K is not a down payment for a house fund, it is not an emergency fund, it is not a college fund, it is not a savings fund. It is a tax deferred retirement fund. And any other use is a mistake. If you weren’t ready to start saving for retirement, you should not have started. You’re talking about stealing from your retirement for an immediate need.
401(k) withdrawals
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