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I am a senior and used part of my 401K to make a down

I am a senior...

I am a senior and used part of my 401K to make a down payment on a small house for myself. Is there tax liability for this?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I used part of my 401k for my down payment on my house

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I am on Social security

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3/15/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,804
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

You will pay income tax on the distribution from your 401K. Depending on the amount of the distribution, some of your Social Security may become taxable.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,804
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
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