Thanks for the reply to my message. One last issue I want to clarify. My former employer already kept 20% for taxes since I didn't indicate that I was going to rollover. If I rollover into a IRA say in April and pull the money out in May to buy a house, will I get taxes withheld again?Thanks!JayYou replied to my original message...You would first have to move your 401k funds to an IRA rollover account. Then, assuming that you qualify, you could take a $10k withdrawal (without penalty...but subject to taxes) for qualified first time homeowner expenses.[[ Are there any restrictions on the amount of money that can be pulled out to buy a home, or anyrestrictions on fund transferred from a 401K or any time restrictions like the Roth IRA?]]No restrictions from a transfer from your old 401k to an IRA rollover. A brief summary of the first time home buyer penalty exception follows...
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