Liquidating 401k for home purchase


07-Oct-2017 00:02

Your ,000 will cost you ,500—a pretty hefty price.But taxes and penalties aside, the real issue here is that if you're still employed by the company sponsoring your plan, you can only take early withdrawals in very specific situations—if at all.Dough Roller receives compensation from some companies issuing financial products, like credit cards and bank accounts, that appear on this site.Unless a post is clearly marked "Sponsored", however, products mentioned in editorial articles and reviews are based on the author's subjective assessment of their value to readers, not compensation.Any distributions of contributions or earnings at any time are subject to ordinary income taxes.Plus, there's most likely a 10 percent penalty if you're under age 59½.You must also pay market interest rates, which means the rate must be comparable to what a conventional lender would charge on a similar-sized personal loan. That’s the longest repayment period the government allows—though if you prefer a shorter term, you may be able to arrange it.

But it's important to remember that you'll also need those funds in the future.Compensation may impact how and where products appear on non-editorial pages (e.g., comparison or "marketplace" pages).



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