Legal Question in Tax Law in California

Re: 401K Withdrawal for Home Purchase

If you are under the age of 59 1/2, you cannot withdraw funds from your 401(k) plan to purchase your first home without being subject to a 10 percent additional tax on early distributions from qualified retirement plans. However, depending on the rules for your 401(k) plan, you may be able to borrow money from your 401(k) plan to purchase your first home. Your plan administrator should have written information about your particular plan that explains when you can borrow funds from your 401(k) plan as well as other plan rules.

Re: 401K Withdrawal for Home Purchase

When you say 401k for home purchase, what exactley are you referring to? Are you saying you had a 401k and you borrowed from it to purchase your primary residence? Which begs the second question, what are you withdrawing from? Generally you can only borrow up to 50,000 from your 401k for purchasing a home?

Please restate your question.