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To avoid the 10% penalty when you withdraw from your 401K
To avoid the 10% penalty when you withdraw from your 401K for a home down payment, does that only apply to your FIRST home? … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
44,326 satisfied customers
Re: early withdrawals from a retirement account. My
Re: early withdrawals from a retirement account. My understanding this withdrawal is penalty free for the purchase only on the FIRST home purchase. Is my assumption correct?… read more
Alexander Efros
Alexander Efros
Financial Planner/Tax Specialist
Masters of Business Administration (MBA)
1,195 satisfied customers
Do you have insight on IRA withdrawals? In August 2015, I
hello Pearl, do you have insight on IRA withdrawals? … read more
Tax.appeal.168
Tax.appeal.168
Principal
7,220 satisfied customers
I need to withdraw $60,000 from my IRA down payment on a new
I need to withdraw $60,000 from my IRA for a down payment on a new home. What is the best way to do this to minimize taxes… read more
Tax.appeal.168
Tax.appeal.168
Principal
7,220 satisfied customers
my employer had a private retirement plan that they provided.
my employer had a private retirement plan that they provided. I am looking at purchasing my first home (ever) and I wondered if there is a way avoid the 10% penalty on early withdrawal if I am using t… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
I'm aware that there are certain exceptions for reducing the
I'm aware that there are certain exceptions for reducing the penalty amount applied to a 401k early withdrawal, i.e. withdrawing funds for a first time home purchase and higher education costs (which … read more
Phillip B, EA
Phillip B, EA
Tax Advisor
Bachelor's Degree
570 satisfied customers
I withdrew money from an investment account and used it to
I withdrew money from an investment account and used it to purchase a home. Do I need to claim this as income and pay tax on it… read more
Tax.appeal.168
Tax.appeal.168
Principal
7,220 satisfied customers
I recieced 1099-R Dist code 1, we used the money for home down
I recieced 1099-R Dist code 1, we used the money for home down payment. Is there any other code options for home purchace?… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 satisfied customers
Can money be withdrawn form an IRA and be considered a hardship
Can money be withdrawn form an IRA and be considered a "hardship withdrawal" due to a business failure and avoid the early withdrawal penalty. I am 46 years old… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
How can I avoid an early-withdrawal penalty if I cash out part
How can I avoid an early-withdrawal penalty if I cash out part of my 401k during divorce proceedings? And, if I withdrawal funds from my 401k for a down payment on a house do I have to pay the early w… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I bought my primary home in 2006. I took a loan against my
I bought my primary home in 2006. I took a loan against my 401k for $50,000 and put down $46,000 on the house. In 2009 my balance was $25,000. Due to a layoff I defaulted and the $25,000 was considere… read more
Merlo
Merlo
Tax Consultant
558 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
Tax Consultant
558 satisfied customers
I withdrew my pension early and used it for a down payment
I withdrew my pension early and used it for a down payment on a home. I was required to pay off my bills and put 30% down for my mortgage. Can I claim any of my pension for write off? I had to pay a s… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
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
Tax Consultant
558 satisfied customers
Hello At 59 I need to use my 401K in order to purchase a
Hello: At 59 I need to use my 401K in order to purchase a house. I have been on disability for the past three years and therefore can only pre-qualify for around $100,000. My question: since 401K moni… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I am in the process of buying a house and need to take a hardship
I am in the process of buying a house and need to take a hardship withdrawal from my 401K. I am 43 and make about 70,000 a year. Is the 10% penalty still assessed for hardship withdrawal for your firs… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
We own a home in Wasington state that we cannot sell. In 2008
We own a home in Wasington state that we cannot sell. In 2008 we built a home in Alaska, using all of our combined retirement funds. Is there any tax break for rolling IRA funds into the building of a… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My wife has an annuity with XXXXX XXXXXcock. I know if she ...
My wife has an annuity with XXXXX XXXXXcock. I know if she was to withdrawl it we would pay a penality both to J. Hancock and IRS. My question is if we were to purchase a home is there any leave way o… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 satisfied customers
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