Almost 3 years at pwc and thinking to use 401k and wealth builder to buy my first home...can i use 100% of what I have matured? Will that be taxed? Thanks

helpfullike
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I thought you can do it as a self directed IRA (but only on investment property) Or you can take out a loan from yourself and pay yourself back in a certain amount of years without penalty.

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You can take a loan - amount available for loan will be in the portal - you will have 5 years at very very little interest to pay it back

smart

Also this is only for 401k not wealth builded

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Do not do that. You will be taxed on it and party a 10% penalty.

Ohhh so it can not be used even to buy a house? So when is the right moment to use it?

I think you can use 401k without penalty for a first time home purchase. You would still have to pay takes on whatever you withdrew (assuming contributions were pre-tax)

And you pay yourself interest!

How can I take a loan from myself??

If you have a roth you can take out any money you CONTRIBUTED to the plan. It was already taxed. However, if you pull out any earnings, you will be taxed. K bye

D1 thanks

You can take a loan out on your 401k and pay yourself interest however it won’t grow or compound until you pay it back.

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