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Level 1
June 6, 2019
Solved

If I withdrew funds from my 401K used to buy a house, are those funds considered income ?

  • June 6, 2019
  • 1 reply
  • 10 views
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Best answer by CaronM

Yes, this will be income - you should receive a 1099 showing the amount to report. Depending on the amount, you may also be subject to early withdrawal penalties.

1 reply

CaronMAnswer
Level 5
June 6, 2019

Yes, this will be income - you should receive a 1099 showing the amount to report. Depending on the amount, you may also be subject to early withdrawal penalties.