Solved: No, that is not deductible.
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New Member

1 took money out of a 401K for a furnace, is that deductible?

 
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Alumni

1 took money out of a 401K for a furnace, is that deductible?

No, that is not deductible.

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Alumni

1 took money out of a 401K for a furnace, is that deductible?

No, that is not deductible.

View solution in original post

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Level 15

1 took money out of a 401K for a furnace, is that deductible?

There is no direct deduction for purchasing a furnace for your home. You would owe tax on the money you took out and may owe a 10% early withdrawal penalty if you were under age 59 1/2. 

You may qualify for an energy saving tax credit on the furnace. 

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