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PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4673
Experience:  35 years tax experience, including four years at a Big 4 firm.
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I pulled money from my roll over 4o1 k account to buy and

Customer Question

I pulled money from my roll over 4o1 k account to buy and payoff a new home. I then sold my other home. I'm over 551/2. what can I expect or claim
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: I'm retired
Submitted: 9 months ago.
Category: Tax
Expert:  PDtax replied 9 months ago.

Hi from Just Answer. I'mCustomer and can assist.

Expert:  PDtax replied 9 months ago.

If you are over 59 1/2, you escape the 10% premature distribution penalty. It's still Federal and state taxable.

If less than 60 days had passed after the 401k withdrawal, you could repay tax free.

The gain on the sale of your first house is likely tax free. If you lived there for more than two years.

Thanks for asking at just answer. Positive feedback is appreciated. I'mCustomer