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re: 401K vs Buying Home
Posted on 8/8/14 at 3:53 pm to LSUisBetterthanU
Posted on 8/8/14 at 3:53 pm to LSUisBetterthanU
quote:
Good move/Bad move?
Horrible move. You'll pay taxes plus a 10% penalty for pulling it out early. You're looking at only about $7-8m here. If you have a problem saving that much, you have no business buying a house.
3
Posted on 8/8/14 at 3:56 pm to jeepfreak
If he's taking out a 401K loan, he doesn't pay any taxes or penalties. He's limited to 50% of the value of the account, though.
Posted on 8/8/14 at 3:59 pm to jeepfreak
quote:
You're looking at only about $7-8m here. If you have a problem saving that much, you have no business buying a house.
I have enough in savings to put down the down payment. However, I hate to see my cash balance go to zero.
Posted on 8/11/14 at 10:43 am to jeepfreak
quote:
You'll pay taxes plus a 10% penalty for pulling it out early
no penalty for first time home buyer, but still have ord income tax
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