401K to IRA - 10% Penalty?
Saturday, February 9th, 2008
cooldude43201 asked:
I’m in process to change my job. I’ve 20K in my 401K account. I heard that I can rollover 401K to my IRA account and then withdraw $10K for the house payment to avoid 10% penalty. I already bought my first house 18 months ago.
I’m in process to change my job. I’ve 20K in my 401K account. I heard that I can rollover 401K to my IRA account and then withdraw $10K for the house payment to avoid 10% penalty. I already bought my first house 18 months ago.
My second question is if I have to pay the penalty fee is it advisable to borrow money from 401K now. My new job salary is ~20K higher than my last job.
I’m 29 years old and live in ohio.
Question posted courtesy of: Annie
