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I am about to get a divorce, inorder to save the early withdrawl tax(fed and state) on my 401k, is there a provision on taking it all out for a first time home purchase with no penality?
State/Country relating to Question: California Already Tried: I have not tried anything yet
No, typically there is no such provision allowing an individual to withdraw early on the condition that the individual use the money to buy a home. However, there may be something specific in your plan that does allow this, so you should read the plan documents over carefully. I would think that it would not be included in your plan.
Attorney
10+years of experience in all matters of civil litigation and Hearing Officer/Arbitrator