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401K penalties?

Posted on: 07th Jun, 2009 09:24 am
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.
I suggest reading the specifics of the 401k plan.
Posted on: 07th Jun, 2009 09:33 am
Beeninsilly,

Welcome the forum



Good luck and feel free to ask

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Posted on: 07th Jun, 2009 04:46 pm
thanks
i appreciate the answers
i dont know why i thought that if you bought a house, the penalty was waived
Posted on: 07th Jun, 2009 05:03 pm
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
Posted on: 08th Jun, 2009 09:26 pm
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