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Asked 10/20/2008

Do I have to pay taxes on money withdrawn from my 401K account used to pay off the mortgage on my primary residence?

I took out money from my 401K and an IRA rollover account and used the proceeds to pay off the mortgage on my primary residence. Is this money taxable?

 
 
 
 
 
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Answer 1/1 - Submitted 10/20/2008

I think that if you took money ou tof your 401k you will be taxes on it, regardless what you spent it on.

 
 
 
 
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