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Asked 2/14/2008
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Penalty for 401k loan I toke money out of my 401k to get my first house and got a 1099 form and was told my H&R Block that i had a pentaly for doing that and now i owe 2000.00 Why i thought that it wasnt a pentalty for your first house. |
Answer 1/1 - Submitted 12/28/2009
There is no exception in a 401K for a first time home buyer only exception rule applies to an IRA. You should get the first time home buyer credit if purchased in 08 or 09 which is $8000 and should offset that penalty unless you make too much money. There is an exception for a hardship but that doesn't apply if you just bought a house.
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