You'll need to sign in or create an account to connect with an expert.
There is no 10% early withdrawal exception for a first time homebuyer from a 401(k) account. That is only available for a withdrawal from an IRA and then only the first $10,000 has the exemption.
See this IRS website for early withdrawal exceptions from other than an IRA - https://www.irs.gov/taxtopics/tc558
See this IRS website for early withdrawal exceptions from an IRA - https://www.irs.gov/taxtopics/tc557
There is no 10% early withdrawal exception for a first time homebuyer from a 401(k) account. That is only available for a withdrawal from an IRA and then only the first $10,000 has the exemption.
See this IRS website for early withdrawal exceptions from other than an IRA - https://www.irs.gov/taxtopics/tc558
See this IRS website for early withdrawal exceptions from an IRA - https://www.irs.gov/taxtopics/tc557
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
cszullo
New Member
haylier2021
New Member
KCAC816
Level 1
DJ3866
New Member
livdog123
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.