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Can You Use 401k To Buy A Home. If you do decide to use your 401 (k) to buy a home, there are two options available. Most 401k loans must be repaid within five years, although some employers will allow you to repay a 401k loan over 15 years if it's used for purchasing a home.
401K? Check. IRA? Check. Managed Account? WHAT from www.slideshare.net
Your 401(k) should be the last place you look for down payment assistance. The irs only allows you to use your money from the 401k for specific reasons. Not only do you avoid the 10% early withdrawal penalty, but the amount you withdraw will not be subject to income tax.
401K? Check. IRA? Check. Managed Account? WHAT
Should you use your 401k for a home purchase. The first option is to obtain a 401 (k) loan. Your 401(k) should be the last place you look for down payment assistance. Not only do you avoid the 10% early withdrawal penalty, but the amount you withdraw will not be subject to income tax.
