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Additional Details
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~ ★ ~ | I can pull money out of my 401K for a down payment on a house, Yes? or No? |
Additional Details
I was told that you can pull out of your 401k for a down payment without being taxed on it. You get to do this one time.
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Richard K
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In brief, yes, with some plans but at a cost. This is known as a hardship withdrawal.
But to discourage these early hardship withdrawals, in most all cases the IRS imposes a hefty financial penalty including a 10 percent early withdrawal penalty if you are younger than 59 1/2.
You really have to need the money and have no other source of funds. Consequently, federal law does allow it for purchase of a principal residence. But, this depends on your plan...employers are not required to offer any type of hardship withdrawal, so you should check with your employer to see if it is available to you.
When looking for hardship withdrawal alternatives, don't forget savings in your IRA, if you have one. IRS rules allow IRA holders to withdraw up to $10,000 penalty-free when the money is used for qualified first home expenses.
Some plans offer a 401k loan as an alternative to taking a financial hardship withdrawal. Plan loans are not subject to taxes or penalties, and you can continue to contribute to the plan while you repay the loan. But, if you leave your employer before the loan is repaid, you must pay back the remaining balance otherwise it will be considered a withdrawal and subject to applicable taxes and penalties.
Hope this helps |
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porcelina_68
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Most 401K plans allow you to take a loan out of it, Essentially, you do not pay taxes on the loan, and you will be paying it back in addition to your normal contributions.
Under no circumstances should you use a hardship withdrawal for a down payment on the house. |
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Paula M
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401K is NOT a savings acct.........leave it be....if you need to save for a down payment....stop contributing or lower your contributions to the 401K and sock away the down payment in a money market acct....
Just because something is possible doesn't mean you should do it......it's almost a "payday" loan and just as criminal w/ the fines and taxation on it.... |
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digdowndeepnseattle
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You were told wrong...you ALWAYS get taxed on it and you will also get a 10% penalty (if you are under age 59 1/2) as well.
You can also do it as many times as you want but taking even one hardship withdrawal is bad financial decision so doing it multiple times would be about as bad as it can get. |
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Blando
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Yes you can. However,YOU GET TAXED AND HAVE TO PAY FEES to move your money. You take out $10,000 and receive $6,000. DO NOT DO IT! |
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tnoutlaw
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may depend on your plan. i can borrow up to 50% of my vested amount and repay it over 20 years where i work for a first time home loan. |
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Doctor Deth
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you definitely get taxed on it - you might still have to pay the penalty on it too - the only advantage is that you can actually withdraw the money at all, but I think you have to max out your 401k loans first, then get permission from your employer and the 401k administrator for a "hardship" withdrawal - you'll still lose 20-40% of the money to taxes and penalty - not really worth it -c just stop contributing and start saving outside your 401k - or wait until you have enough in the 401k to borrow against - that kind of loan doesn't really count against you credit-wise, because it's your own money |
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Angelbunny17
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Not a good idea :-) |
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Megan S
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Yes, but you pay a lot in taxes and fines. My dad did the same thing a few years ago. |
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frak1a12345
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Yes, but you pay a 10% early withdrawal penalty plus income taxes on the withdrawal. OR, if you are a first time homebuyer, there is an exception. Check IRS Form 5329 for details. |
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Rachel Rae
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no you have to wait until your retired i believe |
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