Retirement tax questions


@VolvoGirl wrote:

Sorry the penalty exclusion for a home purchase is only from a IRA account not 401K .


Although IRAs and 401(k)s have a similar purpose, they are controlled by different sections of the tax law and some of their rules are very different.  The penalty exception for a "first time home buyer" only applies to IRAs, not 401(k)s or other workplace plans.