Ask Experts Questions for FREE Help!
 
Free Answers in 3 Easy Steps

Register Now		 3 Steps
 
Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Taxes    Ask about another Subject  
 
PDA

Holleyberry74
Dec 28, 2007, 08:17 PM
How do I go about cashing in my 401k to purchase my first home.
Fr_Chuck
Dec 28, 2007, 09:44 PM
You really need to talk to a tax advisor, cashing in or taking money out to buy a home, with all the lost interest, with all of the penalty and with the taxes to pay, this is a really poor idea.
MukatA
Dec 29, 2007, 06:06 AM
If you withdraw (up to a certain limit) for purchase of your first home from Traditional IRA, then you don't pay early withdrawal, but withdrawal from 401K even for first home is subject to Early Withdrawal penalty. You may be able to borrow from 401K.
ScottGem
Dec 29, 2007, 07:28 AM
First its not a good idea to piggyback your question on someone elses. This can lead to confusion. You should start a new thread. So I've moved your question to its own thread.
AtlantaTaxExpert
Dec 29, 2007, 10:56 PM
Four Words: DO NOT DO IT!