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About $36,000 after yoy factor in your tax when you file.
When they distribute it, they will withhold 20% ($12,000). Suggestion: Roll over $10,000 into a rollover IRA. Then make the withdrawal from the IRA under First-Time Homebuyer exception. You will still pay ordinary income tax (state and federal), but will be exempt from the 10% Early Withdrawal Penalty. Try some other way to finance your house. The tax consequences of dipping into the 401K is just too high In my opinion. |
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