Buying a house and using 401K

04-18-2005, 02:36 PM

arielprod

Junior Member

Join Date: Oct 2002

Location: Atlanta

Posts: 4

Buying a house and using 401K

What is the name of your state? Georgia

My wife and I are about to buy a house. I know you can use up to $10,000 for a house, (we're first time home buyers).
What are the tax implications?
Are we just subject to the 20% early withdrawal penalty without the 10% tax penalty, or neither?

Any help is appreciated!

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