On Apr 18, 3:56 pm, Dave Dodson <dave_and_da...@[EMAIL PROTECTED]
> wrote:
> I found this FAQ and answer on the irs.gov web site:
> ---
> If I can't withdraw funds penalty free from my 401(k) plan to purchase
> my first home, can I roll it over into an IRA and then withdraw that
> money to use as my down payment?
>
> Yes, if you are receiving a distribution from a 401(k) that is
> eligible to roll over into a IRA and you meet all of the
> qualifications for an IRA distribution for a first-time homebuyer.
> Your plan administrator is required to notify you before making a
> distribution from your 401(k) plan whether that distribution is
> eligible to be rolled over into an IRA. To see if you qualify for a
> distribution to be used as a first-time homebuyer, refer to Chapter 1
> of Publication 590, Individual Retirement Arrangements (IRAs).
> ---
Thanks, Dave. That answers my question. I appreciate your researching
for me.
John
--------------------------------------
Misc.invest.financial-plan is a moderated newsgroup where Moderators
strive
to keep the conversations on-topic for financial planning. Other posting
guidelines include a request for brevity and another for trimming posts to
which we respond. For all of the other tips and suggestions, see "FROM
THE
MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on
the
Newsgroup.
|
