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I've heard that I can avoid the tax penalty fee for withdrawing my retirement fund early because I'm buying my first home - is this true?
HelloCustomer If you are a first time home buyer, you may withdraw a maximum of $10,000 from your IRA account to apply towards your home purchase and you will not have to pay any early withdrawl fees. Any amount you withdraw in excess of the $10,000 limit would still be subject to the 10% penalty if you are under the age of 59-1/2. If you are wanting to withdraw this money from a 401k account, while the withdrawal itself might be allowed, the early penalty still applies. The exemption for the early penalty only applies to IRA accounts. If this was helpful please press the Accept button. Positive feedback is also appreciated. Thank youCustomer
Accountant
25+ years tax consulting. Specializing in returns for US citizens living abroad