401K First Time Home Purchase

Use your 401 (k) to purchase a house. Additionally, you can then withdraw the amount from your IRA for use towards the purchase of your first home, thereby avoiding the 10% early-distribution penalty. Remember, the maximum amount that may be distributed from the IRA on a penalty-free basis for the purpose of buying a first home is $10,000. This is a lifetime limit.

 · First-time home purchase: You can take up to $10,000 out of your IRA penalty-free for a first-time home purchase. If you are married, your spouse can do the same – and “first-time home” is defined pretty loosely. For the purposes of the IRS, it is your first-time home if you have not had ownership interest in a home for the past two years.

A first-time home buyer has to pay taxes on 403(b) retirement plan withdrawals, and if the amount withdrawn exceeds $10,000, a 10% tax penalty applies, too.

Qualified first-time home purchase; A non-qualified distribution is subject to taxation of earnings and a 10% additional tax unless an exception applies. For Roth IRAs, you can always remove post-tax contributions (also known as "basis") from your Roth IRA without penalty. Consult your tax advisor about your particular situation.

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Dear John, The simple answer to your rather complex question is no, you will not be able to take the $10,000 out of the IRA tax-free when you are ready to make your first-time home purchase.

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I do agree with the general sentiment of not using retirement money for things other than retirement (incl. buying a home). However, if you have limited income currently to contribute to an IRA and save for a home, and are reluctant to lock up a portion of your savings in an IRA, the first time home buyer provisions would come in handy.

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