First time home buyer exception for drawing 401k

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I withdrew money out of an IRA will I still be penalized for using it towards buying a home for the first time?

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macuser_22Answer

Alumni - Champ

You said 401(k) - then IRA - which is it?

There is a first time home buyers penalty exception for the first $10,000 from an IRA. No such exemption for a 401(k) though.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

macuser_22

Answer

Alumni - Champ

You said 401(k) - then IRA - which is it?

There is a first time home buyers penalty exception for the first $10,000 from an IRA. No such exemption for a 401(k) though.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**