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Level 3
December 7, 2019
Solved

Early withdrawal penalty from IRA to purchase 1ST home? Does the it also apply to 401-k, 403-B plans or other qualified pension plans? My say is no.

  • December 7, 2019
  • 3 replies
  • 6 views
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Best answer by Accountant-Man

Exemption from penalty only applies to IRA distributions. But if you took a 401k et al distribution and rolled it into an IRA, and then paid the closing costs from an IRA distribution...

3 replies

Accountant-Man
Level 13
December 7, 2019

Exemption from penalty only applies to IRA distributions. But if you took a 401k et al distribution and rolled it into an IRA, and then paid the closing costs from an IRA distribution...

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Level 7
December 7, 2019

Your say is correct, IRA only - IRC 72(t)(2)(F)

TAXOH
Level 10
December 7, 2019

I think just IRA's.