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    Sum Lee's Avatar
    Sum Lee Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 24, 2007, 12:49 PM
    RollOver 401K Early Withdrawal
    Hi I am 29yrs Old and have $104K in a Rollover Account. I am buying my 1st home and would like to put down 20% and wanted to know if I took out $60K from my account WHAT WOULD I ACUTALLY GET AFTER TAXES ETC?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    May 11, 2007, 01:18 PM
    You can withdraw up to $10K from an IRA for a 1st home without incurring the 10% Early Withdrawal Penalty.

    Anyting over that amount draws the penalty.
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