@savjordan wrote:
Hello Carl. I was reading through all the replies regarding early withdrawal from a 401K account to purchased a 1st time home. To my understanding, only a max of $10,000 can be qualified and applied to IRS. My husband did withdraw from his 401k account and used the whole amount he withdrew to put in as a down payment for our first home purchase, but the amount is more than $10,000. My question is do we enter ONLY the $10, 000 amount on the IRS form or do we enter ALL the amount he withdrew in the "Other" interview questions box as an exception. I just want to make sure we are doing it correctly.
There is NO first home exception for a 401(k) - that is only for IRA's.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
