2007-03-23 13:54:50 · 4 answers · asked by Michael V 2 in Business & Finance ➔ Personal Finance
Unfortunately, this is taxable and unless you are 59 1/2 you will have a tax penalty also. They will deduct 20% from the distribution, 10% of which is the penalty amount.
2007-03-23 15:23:40 · answer #1 · answered by Mom of 2 4 · 0⤊ 0⤋
Aries25M got it. Roll it over into a trad IRA and you can take out up to $10k in first time home purch for a qualified reason for distribution. You won't be penalized the 10% penalty but you will still need to pay taxes on the distribution.
2007-03-23 15:36:53 · answer #2 · answered by It is what it is 3 · 0⤊ 0⤋
You can take out $10,000 from a traditional or Roth IRA -- not from a 401(k) or 403(b) account or any other type of retirement account. You can rollover your 401(k) to a traditional IRA, and then withdraw the amount from the new IRA.
2007-03-23 14:13:11 · answer #3 · answered by Aries25m 1 · 0⤊ 0⤋
No...you can either take it out all at once or for hardship....
2007-03-27 09:26:36 · answer #4 · answered by Pepper 6 · 0⤊ 0⤋