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My husband and I do not own a home currently. We are

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My husband and I...

My husband and I do not own a home currently. We are renting. We would like to purchase a home to retire in, in another state. We would like to take some money out of his 401K as a hardship withdrawal. He is 55 years old. We would like to have that home be our primary. What would we have to do to make this happen for us? P.S. How much money will it take to have this question answered? :)

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

We are in FL and we are looking in Tennessee, North Carolina, Virginia, Georgia.

Lawyer's Assistant: Has any paperwork been filed?

We have a company that is willing to give us a mortgage loan as long as we have a letter from his company stating that he will be retiring in a year.

Submitted: 8 months ago.Category: Real Estate Law
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Answered in 23 minutes by:
9/8/2017
Real Estate Lawyer: Lucy, Esq., Lawyer replied 8 months ago
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 32,259
Experience: JA Mentor
Verified

Hi,

I'm Lucy, and I'd be happy to answer your questions today.

The first step here is to talk to your husband's 401(k) plan administrator. If he doesn't know who that is, he can start with the HR Department. Most 401(k)s allow hardship withdrawals, but not all of them. It's up to the company that creates the plan. If they allow it, they should be able to email or fax the paperwork over right away, and they can tell you exactly what information they need for a withdrawal to qualify for a hardship.

Because he's not 59 1/2 years old, there will be a flat 10% penalty on all amounts withdrawn. Keep that in mind when deciding how much to take out. And the funds will still be taxed at the same rate as ordinary income when you file your return as income. Typically, people who do a hardship withdrawal wind up taking more than needed to offset the penalty and taxes.

If either of you happens to have an IRA as opposed to a 401(k), you may be able to withdraw up to $10,000 as a first time home purchase without the penalty. (Taxes would still have to be paid.)

If you have any questions or concerns about my response, please reply WITHOUT RATING. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I am paid for the time I spend answering questions. If you are on a mobile device, you may need to scroll to the right. There is no charge for follow-up questions. Thank you.

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Customer reply replied 8 months ago
All of the information that you gave, I already knew. No disrespect intended.
Customer reply replied 8 months ago
My husband said that his company agreed to the withdrawal but they weren't sure if the IRS would agree with it being a hardship. Do you know the answer to that?
Customer reply replied 8 months ago
I don't feel like I've gotten my money's worth. I appreciate you trying.
Real Estate Lawyer: Lucy, Esq., Lawyer replied 8 months ago

I apologize for not knowing what information you already had. I am with another customer, which sometimes happens when customers do not respond right away. If you want me to address your last question when I am free, please let me know.

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Real Estate Lawyer: Attorney 1, Attorney replied 8 months ago
Attorney 1
Attorney 1, Attorney
Category: Real Estate Law
Satisfied Customers: 2,684
Experience: Knowledgable and Experienced Attorney
Verified

Hello, and welcome, I am a licensed attorney and, since the previous lawyer opted out of the question, I'm happy to assist.

The very specific information you requested can be found on the IRS website at the top of the page here:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-hardship-distributions

I think you'll find it very straightforward and directly on point. If you feel there are any ambiguities, just let me know and I'll be happy to discuss the details furrther.

I hope this helps. If you need additional information or clarification, just let me know and I'll continue to provide assistance. If I have addressed your issue and/or pointed you in a positive direction, please let me know that, as well. Also, please remember to leave a positive rating when prompted, as that is the only way attorneys on this site are credited for the help we provide.

Good luck!

Best,

Attorney 1

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