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posted Jun 6, 2019 1:33:23 PM

If I withdrew funds from my 401K used to buy a house, are those funds considered income ?

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1 Best answer
Intuit Alumni
Jun 6, 2019 1:33:24 PM

Yes, this will be income - you should receive a 1099 showing the amount to report. Depending on the amount, you may also be subject to early withdrawal penalties.

1 Replies
Intuit Alumni
Jun 6, 2019 1:33:24 PM

Yes, this will be income - you should receive a 1099 showing the amount to report. Depending on the amount, you may also be subject to early withdrawal penalties.