I have a construction loan, but it was not enough to build my new house.
I took out money from my 401K to help pay for the new house build
Is this tax deductible?
You'll need to sign in or create an account to connect with an expert.
No, the money you took from your 401K is not deductible, its a taxable transaction and if you're under 59 1/2 years old, will be subject to early withdrawal penalty as well.
No, the money you took from your 401K is not deductible, its a taxable transaction and if you're under 59 1/2 years old, will be subject to early withdrawal penalty as well.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mpiseter
New Member
neyney64
New Member
K_lead90
New Member
TomG6
New Member
MGloeckler
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.