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re: 401K vs Buying Home
Posted on 8/11/14 at 10:25 pm to mostbesttigerfanever
Posted on 8/11/14 at 10:25 pm to mostbesttigerfanever
quote:
no penalty for first time home buyer, but still have ord income tax
I thought this was for a traditional IRA ($10,000 exempt), but not for a 401k.
1
Posted on 8/11/14 at 10:36 pm to Anfield Road
quote:
I thought this was for a traditional IRA ($10,000 exempt), but not for a 401k.
Correct. Can't use the exemption for a 401(k) distribution.
To be honest, I don't know how he could take a full distribution while still working for the company. Most companies will not allow it unless there is a hardship waiver, and he doesn't seem like he would qualify.
Either way, this is a bad move. Wait, save, and buy later.
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