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Additional Details
I'm not going to add details, because I am genuinely interested in any answers to my question.... |
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 Investing question? |
I am kid with some money.
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Dear Sir/Madam.
We are delighted to congratulate you over your email success in our computer balloting sweepstake . This is a Computer program in which cooperate and individual email ... |
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PAgirl | Can you borrow from a 401k to use towards a down payment on a house? are there repercussions? |
Additional Details
I would be a first time homebuyer.
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MickYahoo
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Are you borrowing or withdrawing (taking a distribution)?
If borrowing, understand that you will be repaying with after-tax $$ which you will be paying tax on again when you ultimately take the money at retirement. Thus you get double taxed.
If taking a distribution, my underdstanding is you could get up to $10K of the distribution exempt from penalty if used for the purchase of a first home (see IRS Pub 17). However, you will pay tax on the whole distribution. Could get pricey but we do what we gotta do sometimes to get the house. |
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Nick Nick
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Yes, I did it. You will need to pay taxes on whatever amount you want to borrow. Other than that - there are no penalties. The only other reason you can take money out of your 401(k) is to go to school. Good luck! |
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Freddy
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you pay heavy income tax to withdraw |
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da_horror32
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Yes, you may use the 401K money towards the down payment on a house but you will pay hefty taxes for taking the money out early. Financial planners should be able to set up accounts that you may use in the short run towards home purchasing. In addition, if you're looking for a better savings account, I would suggest INGs. They are paying approximately 5% right now. A CPA (Certified Public Accountant) should be able to give you more information about the risks you take when you w/draw the money. |
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Joe the Expert
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Yes you can if your company's plan doccument allows for it.
The loan is Tax Free, however if you do not pay it back within 5 years all of it is taxable plus a 10% tax penalty. |
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roeskats
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It can be used as a down payment on a house, but as they have said the tax is high and you pay a penalty for taking money out early if you are under 59 1/2 years old. |
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destini'smom
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Yes you can borrow. I did it a couple of years ago. They called it a "hardship." I had to pay taxes on it. I highly recommend you pay the taxes on it then, so you're not hit later. good luck!! |
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golferwhoworks
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yes you can. In fact you need to check with the administrator of the plan at your firm to see if there are any tax penalties or not. For a loan that is going to be repaid there may not be. If you take an early withdrawal from it, then expect a 50% tax bill on the amount withdrawn. |
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bob
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It's not good to borrow from your 401k. If you need to borrow money from your 401k in order to put down for a house. This tells me, you CAN'T afford a house. My advise, DON'T TOUCH YOUR 401K!!!!! That's your retirement. |
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john d
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you can borrow from a 401K for a home. You still have to pay back the 401k but in some cases you can use it with out the pay back. its been awhile since I have done this and the rules may have changed. Check with your employer and see what the rules are. Human resorces is the place to start. Thats who administers the plan in most companies. If you are no longer empoyeed there, thats still the place to go as they are still the ones administering the plan. You must meet the rule of th 401k and the rules of who ever is the administrator. So the answer is YES. Good luck on your new home.
By the way they do not hit you hard for the withdrawl fees on a home. IF you are just pulling money out to go play, its going to cost you. For a home however they do make exceptions. Back when I studied this stuff a home and college tuition were exceptions. Its been a while and congress may have changed things. But I bet you can still use it for a home. Congress doesn't dare mess with that. |
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What the...?!?
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In one instance, it is possible to take a early withdrawal without penalties. If you are a first time home owner then you can take a early withdrawal towards purchase of a house. This only applies for first time home owners. Any subsequent home purchases after the first one are not exempted from penalties for early withdrawal. |
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scorpion187us
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No and there is an early with-drawl penalty assessed to the account if you try to withdraw from it now and not at age 65. |
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