First Time Home Buyer 401k Withdrawal 2019. However, buyers will have to pay income tax on this withdrawal come tax season. The 401k hardship withdrawal is there if you need it, but make sure to determine if it is the right choice for you.
In brief, you can take the withdrawal. Basics of qualified distributions qualified defined contribution plans like the 401(k) must follow the rules of the employee retirement income security act, or erisa. The second option for a 401k first time home buyer is a withdrawal.
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This could make tax time rather expensive for you. However, that $10,000 is still subject to state and federal income taxes. But there are a few more details. Lewis attributes this insecurity to lack of experience.
