Home     Law Advice     Insurance Advice     Community    
Tax Law : Federal, State and Local Income Taxes, Sales Taxes, etc. For Estate, Gift and Inheritance Taxes, Please Post Under Will, Trusts & Estate Planning
Go Back   FreeAdvice Legal Forum > TAX LAW > Tax Law
Reload this Page On My Own

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 08-15-2005, 01:46 AM
Junior Member
  
Join Date: Jul 2005
Posts: 8

On My Own

What is the name of your state? IL

Is there any circumstance in which I can withdraw some of my 401K without having to pay a penalty? I am getting divorced and the only way I can keep a home for my kids is if I use some of the 401k as a down payment on a new house or refinance our current mortgage and reduce the monthly payments.
  #2  
Old 08-15-2005, 12:31 PM
Senior Member
  
Join Date: May 2004
Posts: 41,296
Quote:
Originally Posted by Lorelei1988
What is the name of your state? IL

Is there any circumstance in which I can withdraw some of my 401K without having to pay a penalty? I am getting divorced and the only way I can keep a home for my kids is if I use some of the 401k as a down payment on a new house or refinance our current mortgage and reduce the monthly payments.
Up to 10,000 can be excluded from penalties (but not from income tax) if used as a downpayment for a FIRST home purchase.

Since this doesn't appear to be your first home purchase, unfortunately any withdrawal would not be exempt from penalities.
Reply

« Previous Thread | Next Thread »


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 03:23 PM.

Contact Us - FreeAdvice - Archive - Privacy Statement - Top

IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.
FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.