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Home > Business & Careers > Finance   »   401k penalty

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Old Aug 30, 2006, 07:45 PM
philie32
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401k penalty
First time homebuying classifies for the non pentalty right? How do they tax, before you recieve it or add it to your yearly income come tax time.

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Old Aug 31, 2006, 02:34 AM   #2  
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It is not true. It IS true with an IRA but not with 401k. Check with your employer about borrowing from it.
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Old Aug 31, 2006, 05:55 AM   #3  
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As Rick says, its not true. Homebuying does NOT qualify as a hardship withdrawal for 401(ks). Taking a loan against your 401(k) is a MUCH better option.
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