Posted on: 07th Jun, 2009 09:24 am
If my husband takes money from his 401K from a company he no longer works for to use towards our 1st home purchase, is the penalty waived?? Do the funds HAVE to be used within 120 days?? He wants to withdraw the $$ but we have not found a home yet.
I suggest reading the specifics of the 401k plan.
Beeninsilly,
Welcome the forum
Good luck and feel free to ask
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Welcome the forum
Good luck and feel free to ask
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thanks
i appreciate the answers
i dont know why i thought that if you bought a house, the penalty was waived
i appreciate the answers
i dont know why i thought that if you bought a house, the penalty was waived
Guest,
As long as the money is taken from a IRA accoutn it is still eligible and you need to use it with in 120 days after you get the money.
Good luck and feel free to ask
As long as the money is taken from a IRA accoutn it is still eligible and you need to use it with in 120 days after you get the money.
Good luck and feel free to ask