I'm looking for help on the subject above. I was told that if I'm a first-time buyer, I can use the money on my retirement account as a down payment without paying taxes or penalties. Is this true?No. All withdrawals of pre-tax money from a 401(k) are taxed as ordinary income, and there's no homebuyer exception for money taken from a 401(k), so you'd also owe the 10% premature distribution penalty.You may be able to get a loan against your 401(k) for this purpose, but that's a totally different concept. It can also be very dangerous, so tread carefully. Your starting point is your plan administrator.TMF ExROPhil Marti
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra