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beeinsilly · Joined: 07 Jun 2009 Posts: 1 1.58 Dollars($)

If my husband takes money from his 401K from a company he no longer works for to use towards our 1st home purchase, is the penalty waived?? Do the funds HAVE to be used within 120 days?? He wants to withdraw the $$ but we have not found a home yet.

eric1 · Posted: Sun Jun 07, 2009 9:33 am Post subject:

I suggest reading the specifics of the 401k plan.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Beeninsilly,

Welcome the forum

Good luck and feel free to ask

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Posted: Sun Jun 07, 2009 5:03 pm Post subject:

thanks
i appreciate the answers
i dont know why i thought that if you bought a house, the penalty was waived

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Guest,

As long as the money is taken from a IRA accoutn it is still eligible and you need to use it with in 120 days after you get the money.

Good luck and feel free to ask

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401K penalties?