Welcome! | Ask A Question
Asked 2/14/2008
|
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.
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
My wife was just layed off after 15 yrs employment. we have a loan against her 401k. the company that handles the 401k says we cannot continue payments, only option is to pay off (can't do) or they let it go into default and make it a distribution. i read that as she is over 55 (57) a distibution...
I had taken out a 401k loan a couple years ago and was repaying systematically. in january 2009, my company was sold and went out of business and the 401k program was terminated and accounts rolled over into personal ira rollovers. the remaining balance of the 401k loan has been treated as an early...
The sale of my company will be going through very soon. i already have a $2000 loan on my 401k loan that i want to pay off when i rollover into an ira. i am in need of some extra cash and would like to take out another $2000 before the sale. can i have 2 loans on my 401k at one time? will i be able...
|
Loan on 401k, layed off by company, can't repay loan so it will be a distribution, 10 penalty My wife was just layed off after 15 yrs employment. we have a loan against her 401k. the... |
|
Can i avoid 10% penalty on 401k loan considered an early withdrawal when company shut down? I had taken out a 401k loan a couple years ago and was repaying systematically. in january... |
|
Paying off loan by rolling over to 401k to ira The sale of my company will be going through very soon. i already have a $2000 loan on my... |
|
Laid of from my employer and would like to withdraw my 401k i realize i will pay a penalty... |
|
I have a 401k loan of $15,000 my 401k balance is about 20,000. my job is closing in 2 weeks,... |
|
I have already taken a loan out on the 401k which i am paying back thru payroll deduction,... |
Ask A Question
Ask a new question about
401k:
About
| Contact Us
| Membership Agreement
| Privacy Policy
| Site Map
| Advertise on this Site
Copyright © 401kQuestions.net 2012. All rights reserved.