Does withdrawing my 401k to put toward a down payment for my first/new home count as an "Other Reason" to lower my tax bill?

Refund is lowered due to early withdrawal of 401k. I used this money to help put a down payment on our first home. Is there anyway to mitigate this?

posted

No, the qualified first-time homebuyers exclusion from the 10% early withdrawal penalty only applies to IRA distributions. Please see Exceptions to Tax on Early Distributions for additional Information.

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Does withdrawing my 401k to put toward a down payment for my first/new home count as an "Other Reason" to lower my tax bill?

Does withdrawing my 401k to put toward a down payment for my first/new home count as an "Other Reason" to lower my tax bill?

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Does withdrawing my 401k to put toward a down payment for my first/new home count as an "Other Reason" to lower my tax bill?

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Does withdrawing my 401k to put toward a down payment for my first/new home count as an "Other Reason" to lower my tax bill?

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