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jper13
Level 2
February 20, 2023
Question

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  • February 20, 2023
  • 1 reply
  • 1 view

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    1 reply

    VolvoGirl
    VolvoGirl
    Level 15
    February 20, 2023

    Sorry the penalty exclusion for a home purchase is only from a IRA account not 401K .

      O
      Level 15
      Opus 17Level 15
      Level 15
      February 20, 2023
      @VolvoGirl wrote:

      Sorry the penalty exclusion for a home purchase is only from a IRA account not 401K .

      Although IRAs and 401(k)s have a similar purpose, they are controlled by different sections of the tax law and some of their rules are very different.  The penalty exception for a "first time home buyer" only applies to IRAs, not 401(k)s or other workplace plans.  

      J
      jper13Author
      Level 2
      February 20, 2023

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