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.

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