From what I have read, an early withdrawl from an IRA can be exempt from the 10% early withdral penalty if used as qualifying expenses for puchasing a home (up to $10,000). I have also read, 401k plans are not subject to this exemption. My question is can the 401k be rolled over into a self-directed IRA and then once the IRA is established and funded, withdraw the money to purchase a home thus using this tax benefit? Are there other consequences for doing this? Does the 10% penalty still then apply to any withdraw exceeding $10,000?Thanks.
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