I just rolled over $250K into my new employers 401K plan. I am 56-1/2 yrs old.

I want to take out about $100K to buy a principal residence.

What tax implications will I face? How much taxes (if any) would I have to pay?

Is there a dollar limit on what I withdraw from the 401K?

Thanks for any info.

Joyce:

You can withdraw ANY amout you want, but, at your age, you will pay income taxes (state and federal) at your marginal tax rate PLUS a 10% Early Withdrawal Penalty.

Try to fund your house purchase without touching the 401K. It is meant for retirement, not home purchase financing.

As an alternative, try borrowing money from the 401K.