Liquidating 401k for home purchase

26-Apr-2020 21:40

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Check out the IRS’s rules for Required Minimum Distributions (RMDs) to help you figure your required minimum distribution. A lump-sum distribution may give you a big chunk of cash right away, but you’ll pay income taxes on the entire amount right away.

That can take a big bite out of your nest-egg all at once.

There are four main types of 401K withdrawals: In order to discourage you from taking early withdrawals from your 401K plan, the IRS imposes a 10% early withdrawal penalty if you are younger than 59-1/2.

You may take a hardship withdrawal (if your employer permits it) to cover certain expenses, such as: In order to qualify to take a 401K hardship withdrawal, you’ll need to show your employer financial proof that you need to take money out of your 401K.

Each plan administrator has different requirements regarding the proof of a hardship.

Talk to your employer’s HR department about what you need to provide.

Penalties apply if you miss taking an RMD or take the wrong amount.

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A 401K withdrawal is different from a 401K loan, which has its own set of rules and restrictions.If you wish to keep your money in your 401K plan (and your company allows that), you can typically select an amount to receive monthly or quarterly.

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