income tax question on 401 withdrawal for first time home purchase?
Posted by admin | Under Home Purchase Tuesday Nov 4, 2008my son purchased a home in 04/06, he then renovated the home, using a credit card, in 2007 he decided to withdraw money from his 401 retirement, and pay off the credit card balance. can he avoid paying the 10% penalty imposed by irs or did he wait to long?
The exclusion of $10,000 for first time home buyers is for IRAs only.
The exclusion of $10,000 for first time home buyers is for IRAs only.
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17 years experience as tax professional and Enrolled Agent
http://www.401k.org
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