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

posted

Connect with an expert

1 Best answer

Accepted Solutions

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

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.

View solution in original post

1 Reply

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

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.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post