What is the penalty for withdrawing funds from a 401k account for a home loan down payment in texas? - no down payment home loans
Depends on the situation. Normally you can withdraw funds without penalty to buy the first house. Of course, you can still pay taxes on the money.
Tuesday, January 19, 2010
No Down Payment Home Loans What Is The Penalty For Withdrawing Funds From A 401k Account For A Home Loan Down Payment In Texas?
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3 comments:
If I were you I would be another way to get money, and you can not use your 401K. He listened to financial advisors recommended that this account is not used for your retirement. This should not be used to do as income. Sanctions and their pension is not worth it.
I only had $ 1700 in mine and took about $ 500 from me here in Wisconsin, where he worked in the mines early in retirement.
Whatever your reason to give you. The IRS does not care.
10% penalty, and then pay taxes too, by this amount to your regular income. Because he never paid the tax on the portion of your income that you in your 401K. Include?
So, if you back $ 20,000 and $ 50,000 earn
now has a 10% penalty of U.S. $ 20,000, the $ 2000 and older
You must also taxes on $ 70,000 income, you will probably top slice of income deals.
You can see that this is not a good idea.
Try to buy instead of FHA in those with low payment procedures. You have to convince the sellers of them to accept your offer FHA and the seller to get simple things.
You need to have the house free of necessary repairs after the inspection, and FHA has required its own controller (low cost), equipment, and the seller has to repair that the FHA is not permitted to borrow, or this house.
See how you are protected? You do not really want a homethis does not happen, right?
I have a sell order to document a family already homesFHA to Asia, like in the past 10 years, every active member of the family after his arrival and citizens of the United States under the U.S. regulations.
God bless you.
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