Do I need to pay a 10% tax on the distribution I got from my 401k when it was used to purchase my first home?
From my understanding the 10% tax penalty is waved if its for a qualify reason and again from what I know first time home buyers falls under a qualified event. It that accurate?
Do I need to pay a 10% tax on the distribution I got from my 401k when it was used to purchase my first home?
The first-home-purchase exception to the early-distribution penalty applies only to distributions from IRAs, not to distributions from a 401(k). A 401(k) is not an IRA.
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