The funds in your 401(k) retirement plan can be tapped to raise a down payment for a house. You can either withdraw or borrow money from your 401(k). You can either withdraw or borrow money from …
For example, if you withdraw $ from your 401 (k) before you reach age 59 1/2, you will pay $10,000 in early-withdrawal fees plus taxes. …
How to Use a 401(k) for a Home Down Payment
Official Site: https://www.moneygeek.com/mortgage/how-to-use-401k-for-home-down-payment/
The withdrawal is considered income, so you will pay federal and state taxes on the amount withdrawn. For example, if you withdraw $ …
If you take a 401 withdrawalbefore age 59½, youll have to pay: A 10% early withdrawal penaltyon the funds removed. Incometax on the amount withdrawn. For example, say you from your 401 to cover your down payment and closing costs. Youll be charged a $2,000 earlywithdrawal penalty.
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