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jper13
Level 2
Feb 20, 2023 6:20 PM UTC
Question

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    3 replies

    VolvoGirl
    VolvoGirl
    Level 15
    Feb 20, 2023 6:23 PM UTC

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

      Level 15
      Opus 17Level 15
      Level 15
      Feb 20, 2023 6:31 PM UTC
      @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.  

      jper13Author
      Level 2
      Feb 20, 2023 7:41 PM UTC

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