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Frequently Asked Tax Questions

Individual Retirement Arrangements (IRAs) - Rollovers - Individual Retirement Arrangements (IRAs)


Rev. date: 1/2009

How long do I have to roll over a distribution from a retirement plan to an IRA account?


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Rev. date: 1/2009

If I can't withdraw funds penalty free from my 401(k) plan to purchase my first home, can I roll it over into an IRA and then withdraw that money to use as my down payment?


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You can roll funds from a 401(k) to an IRA to be able to take a penalty free distribution to purchase your first home if:
Your plan administrator is required to notify you before making a distribution from your 401(k) plan whether that distribution is eligible to be rolled over into an IRA. To see if you qualify for a distribution to be used as a first-time homebuyer, refer to Chapter 1 of
Publication 590, Individual Retirement Arrangements (IRAs).
previous pagePrevious Page: Individual Retirement Arrangements (IRAs) > Distributions, Early Withdrawals, 10% Additional Tax
next pageNext Page:  Individual Retirement Arrangements (IRAs) > Roth IRA
 Use previous pagenext page to find additional instances of index items.