First-Time Home Purchases (IRA only) You may withdraw up to $10,000 from your IRA during your lifetime to pay qualified acquisition costs for a principal residence without being subject to the 10% penalty if you meet the IRS definition of a "first-time homebuyer".
A 401(k) first-time home buyer might want to exercise the option of rolling funds over to an IRA without triggering taxes or penalties. This alternative can save money because first-time homebuyers can withdraw up to $10,000 from a traditional IRA to purchase a home without incurring the 10-percent early withdrawal penalty.
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Since both Katie and Mark are first-time home buyers (no ownership interest within the most recent three years), they have three different options to consider: Take a hardship withdrawal; Take a 401(k) loan; Take both hardship withdrawal and 401(k) loan; Hardship Withdrawal Option:
Use your 401(k) to purchase a house. the distribution will be used towards the purchase of your first home, the first-time homebuyer exception.
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Topic No. 557 Additional Tax on Early Distributions from Traditional and Roth IRAs To discourage the use of IRA distributions for purposes other than retirement, you’ll be assessed an additional 10% tax on early distributions from traditional and Roth IRAs, unless an exception applies.
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A first-time home buyer has to pay taxes on 403(b) retirement plan withdrawals, and if the amount withdrawn exceeds $10,000, a 10% tax penalty applies, too.
It can be tempting to pull from your 401k to afford a down payment on a home, but first-time home buyers should know all of their options before.
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Use your 401 (k) to purchase a house. Additionally, you can then withdraw the amount from your IRA for use towards the purchase of your first home, thereby avoiding the 10% early-distribution penalty. Remember, the maximum amount that may be distributed from the IRA on a penalty-free basis for the purpose of buying a first home is $10,000. This is a lifetime limit.
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