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Asked 1/13/2009
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401K and withdraws My husband is retired and has his retirement managed by an investment group. What are the tax laws regarding taking some of that money and paying off his primary place of residence? |
Answer 1/1 - Submitted 1/13/2009
If your husband is over 59 1/2 he can withdraw from his retirement with no tax penalty and do whatever he wants with the money. Just be aware the withdrawal is considered taxable income and you will have to pay normal income tax on it. If he is under 59 1/2 you will also be subject to a 10% early withdrawal charge on top of whatever tax liability you have.
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