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campos-2014
New Member

I HELPED MY DAUGHTER BUY A HOUSE AND I TOOK MONEY OUT OF MY 401K

WOULD THAT COUNT AS FIRST TIME HOME PURCHASE?
1 Best answer

Accepted Solutions
xmasbaby0
Level 15

I HELPED MY DAUGHTER BUY A HOUSE AND I TOOK MONEY OUT OF MY 401K

And, taking money out of a 401k to purchase a first home is not an exception to the early withdrawal penalty like it could be for a traditional IRA.  You should have a 1099R for the distribution from your 401k.

Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

**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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2 Replies
xmasbaby0
Level 15

I HELPED MY DAUGHTER BUY A HOUSE AND I TOOK MONEY OUT OF MY 401K

And, taking money out of a 401k to purchase a first home is not an exception to the early withdrawal penalty like it could be for a traditional IRA.  You should have a 1099R for the distribution from your 401k.

Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

**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.**

View solution in original post

Rainman12
Level 9

I HELPED MY DAUGHTER BUY A HOUSE AND I TOOK MONEY OUT OF MY 401K

No. Must be Your first home, Your SSAN ...

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