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h22aluder
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How much will I pay in tax this year? I claim 0 with 2500 return. single about 60k a year. taking out 66k this year from my 401k to purchase a new home here in Ca.

 
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How much will I pay in tax this year? I claim 0 with 2500 return. single about 60k a year. taking out 66k this year from my 401k to purchase a new home here in Ca.

Did you already take money out of your 401k?  Please be aware that taking an early withdrawal from a 401k to buy a house is NOT an exception to the early withdrawal penalty of 10%.  There is an exception to that penalty with a traditional IRA, but NOT for a 401k.  So if you take money out of your 401k to purchase a house, you will pay a 10% early withdrawal penalty plus ordinary income tax on the distribution, based on your tax bracket.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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How much will I pay in tax this year? I claim 0 with 2500 return. single about 60k a year. taking out 66k this year from my 401k to purchase a new home here in Ca.

Did you already take money out of your 401k?  Please be aware that taking an early withdrawal from a 401k to buy a house is NOT an exception to the early withdrawal penalty of 10%.  There is an exception to that penalty with a traditional IRA, but NOT for a 401k.  So if you take money out of your 401k to purchase a house, you will pay a 10% early withdrawal penalty plus ordinary income tax on the distribution, based on your tax bracket.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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