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ronnieD | How soon can you withdraw funds from 401K for house down payment? |
Is there time limit from when you withdrew the money to the time you close on your home? What if I withdraw a certain amount of money, but end up not needing all of it for the down payment? Can it be used as part of the closing costs or otherwise related to home purchase?
Any information is appreciated. Thanks.
Additional Details
My plan does not have the option to take a loan out against my 401K. I can only make a hardship withdrawl and pay the penalty. |
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Rick B
|
Huh? Your 401(k) is a retirement account. Why would you use your retirement funds to put money toward a house?!?!?! |
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Doctor Deth
 |
very few 401k plans ALLOW you to withdraw any money while you are still employed there.
If they don't allow loans, then they certainly won't allow withdrawals for a home down payment which would NOT qualify as a hardship reason.
that money is supposed to be for retirement, not buying a house
if you feel you have a "hardship" issue, then why are you asking us? talk to the 401k administrator - they are the only ones whose answer counts since THEY are the ones that will decide whether you will get the money or not. |
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joemoser1948
 |
You will pay the penalty fees and deferred Income tax immediately upon withdrawal from the account. You don't get those back if you try to return a portion. The funds are there for retirement, NOT for a down payment on a house. (You had better check with the Fund Manager, as I don't think that usage qualifies as a "hardship withdrawal." You can do whatever you want with the money, though, once you get it.
I stand corrected: IRS apparently accepts buying a home as an acceptable "hardship withdrawal" but you can't use the money for just anything. (Back when I did it, it was necessary to avoid being evicted, another acceptable reason for withdrawal.) But you still might want to look at this site: http://askville.amazon.com/SimilarQuestions.do?req=HARDSHIP+LOANS+401K+YEAR+ONE+EDUCATION+MOTGAGE. You might lose almost HALF of what you withdraw. So be absolutely CERTAIN that this is really something you need to do right now. |
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Judy
 |
Did you know you can make a loan from your 401K?
Some companies only allow you to take out 50% though.
You'll have to ask.
Do you have an IRA.
This is tricky so I hate to advise it.
You can take money out of an IRA for 60 days without penalty.
I did this in our last move in case we needed emergency money since we were running so short.
You must replace the $ in full within 60 days or pay penalties.
Just another idea.
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