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Retirement tax questions
IF the 401(k) plan allows a loan then there are no penalties assessed on the loan. The loan is not reported on a tax return.
There are no early withdrawal penalty exceptions for funds withdrawn from a 401(k) for a first time home purchase. The penalty exception is only if the funds are withdrawn from an IRA for a first time home purchase and then only the first $10,000 withdrawn is eligible.
‎September 10, 2019
9:12 AM