1 took money out of a 401K for a furnace, is that deductible?
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1 Best answer
jerry2000
Alumni
Jun 4, 2019 2:03:20 PM
No, that is not deductible.
2 Replies
jerry2000
Alumni
Jun 4, 2019 2:03:20 PM
No, that is not deductible.
Texas Roger
Level 15
Jun 4, 2019 2:03:23 PM
There is no direct deduction for purchasing a furnace for your home. You would owe tax on the money you took out and may owe a 10% early withdrawal penalty if you were under age 59 1/2.
You may qualify for an energy saving tax credit on the furnace.