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Deductions & credits
So sorry if you were not aware of this--but using money from your 401K purchase a home is not an exception to the early withdrawal penalty. That only works with an IRA. If you have already taken the money out of a 401k you will owe the 10% early withdrawal penalty and the ordinary income tax on the distribution you took. You will receive a 1099R in January that you will need to enter on your 2017 tax return.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
‎June 6, 2019
7:41 AM