Pammie57 Posted February 26, 2024 Posted February 26, 2024 I have a 37 year old homebuyer who wants to take a distribution from her ROTH 401k - buying her first home. Is there a dollar limit (besides 100% of her account) that she can take? Is this exempt from the 10% penalty if it's her first home? What if it's her second home?
Bri Posted February 26, 2024 Posted February 26, 2024 What do the plan's document and procedures for in-service distributions say?
ratherbereading Posted February 27, 2024 Posted February 27, 2024 Again, check the doc. No she is not exempt. Does the plan allow for hardship withdrawals? She is too young for an in-service w/d. A hardship can only be taken for the amount needed. 4 out of 3 people struggle with math
401king Posted February 27, 2024 Posted February 27, 2024 No exemptions from a 401k account - only for an IRA up to $10k for a first-time homebuyer but that does not apply to 401k. R. Alexander
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