Is there any tax implication for using the 401(k) account?
Date: Wed, 08/07/2013 - 05:04
I'll get retired by the end of this year. I'm currently living in a rental apartment in Winfield, Alabama. I wish to buy a house in Spanish Fort and shift there. I have saved money in 401(k) account. I want to use the money for purchasing the house. Can you please explain the 401(k) distributions? Is there any tax implication?
YES
if you take that out before you retire there will be tax issues as that is a premature distribution.how long until you retire?can it wait,or can you put a payment down on the property without going into your 401k?also are you of retirement agr meaning 65 or older?if not even if you retire early there may be penatlies so think about it.
