How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Merlo Your Own Question
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
Type Your Tax Question Here...
Merlo is online now
A new question is answered every 9 seconds

I am 60 yrs old and have about 85K in a 401k account. Can

This answer was rated:

I am 60 yrs old and have about 85K in a 401k account. Can I use it to replace a manufactured home I am living in with another house without pay taxes on what I take out?

Hello JA Customer,


Unfortunately you cannot use the money in your 401k account for any purpose whatsoever without paying taxes on the amount you withdraw. There are absolutely no exceptions to that rule.


None of the money in your 401k has ever been tax paid, and it becomes immediately subject to tax in the year the money is withdrawn, no exceptions at all.


There are some very few exceptions to the early penalty withdrawal, but this would not even apply to you since you are over the age of 59-1/2.


If this was helpful please press the Accept button. Positive feedback is also appreciated.


Thank you JA Customer



Merlo and other Tax Specialists are ready to help you

Related Tax Questions