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I am considering withdrawing from my 401K plan to purchase a
I am considering withdrawing from my 401K plan to purchase a house. I will be 65 in April and understand that the federal tax will be 20%. Can you tell me what the Wisconsin tax will be? … read more
Robin D.
Robin D.
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I am looking to purchase a home within the next 6-months or
I am looking to purchase a home within the next 6-months or so. I now realized that funds from a 401(k) may incur a 10% early withdrawal penalty unless I qualify for a hardship withdrawal from my 401(… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I will be purchasing my first home in Wisconsin and would
I will be purchasing my first home in Wisconsin and would like to use funds in my 401K to increase the down payment through a hardship distribution. I was informed that the federal tax on the Roth por… read more
Barbara
Barbara
Enrolled Agent, Paralegal
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My wife and I bought a house in Wisconsin this year. To do
Hello, my wife and I bought a house in Wisconsin this year. To do so we pulled money from her 401k. I'm aware that there is a lifetime 10k penalty free withdrawal for this purpose. Even though we pull… read more
Barbara
Barbara
Enrolled Agent, Paralegal
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Can a person take money out of a traditional IRA to purchase
Hi Barbara, can a person take money out of a traditional IRA to purchase a rental home with no taxable event? Or will they owe federal and state tax on the withdrawal? Thank you.Mark… read more
Barbara
Barbara
Enrolled Agent, Paralegal
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I am considering taking a hardship withdrawal from my 401K,
I am considering taking a hardship withdrawal from my 401K, what is gross-up and will i be required to pay taxes on this as income? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
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i am 34 and going through a divorce. my ex-wife and i owned
i am 34 and going through a divorce. my ex-wife and i owned a house we built about seven years ago. she legelly signed over all of the debt in her name (the house and car). I am looking at to get a mo… read more
Barbara
Barbara
Enrolled Agent, Paralegal
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Can I withdraw from my 401K for a first-time home purchase?
Can I withdraw money from my 401k for a first-time home purchase? I am a first-time home buyer. Not a loan, but a withdrawal. How much can I take out? How much will be taxed? What is the penalty or fe… read more
Tax.appeal.168
Tax.appeal.168
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I need to take out funds from a former employers 401k plan
I need to take out funds from a former employer's 401k plan - it's for a down payment on a principal residence. Can I claim it as a hardship distribution and avoid the 20% penalty?… read more
JKCPA
JKCPA
Certified Public Accountant (CPA)
Bachelor's Degree
1,796 satisfied customers
Hello Ed, My husband and I now owe close to 15K in taxes due
Hello Ed, My husband and I now owe close to 15K in taxes due to wrong information on our income taxes of 2007. We purchased our first home in 2007 with our 401k funds. Unfortunately since my husband h… read more
Merlo
Merlo
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Im single; Ive never owned a home but want to. I have no
I'm single; I've never owned a home but want to. I have no debts, have good credit and an annual income of 68K. My Employer is giving me $15K yrly to put into a new 401K account.. But I've heard its b… read more
Merlo
Merlo
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What percentage of tax is owed when a hardship withdrawl is
What percentage of tax is owed when a hardship withdrawl is made on a 401k account. Also if I used the money to put into a house does that help with the income tax?… read more
Merlo
Merlo
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Ive heard that I can avoid the tax penalty fee for withdrawing
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?… read more
Merlo
Merlo
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I am about to purchase a primary residence with 10% down.
I am about to purchase a primary residence with 10% down. I am self-employed, with a 401K Indy. Would it be tax advantageous to take the down payment from savings, put it into my 401K, and then withdr… read more
Merlo
Merlo
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If I withdrew all my 401K and paid the tax and penalties what
If I withdrew all my 401K and paid the tax and penalties what % would that be, and can you roll over a 401K and buy stock in a private company?… read more
Merlo
Merlo
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I work for the federal government and I am also a veteran.
I work for the federal government and I am also a veteran. I reside in virginia. I bought a foreclosed property for 310,000 in June (same property was sold 3 years ago for 480,000). Question 1: Have y… read more
MequonCPA
MequonCPA
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I left my job suddenly and need money. I need to ...
I left my job suddenly and need money. I need to withdraw from my retirement and want to know how much I should have the plan withhold for federal and state income taxes? What percentage? Thanks… read more
Merlo
Merlo
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I took money out of my 401K to help expenses for two
I took money out of my 401K to help expenses for two children in college. My understanding was that a distribution for this was not taxable. I am now being audited for 2006 and charged interest and pe… read more
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Merlo
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