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Posted by Alan on October 12, 2007, 11:25 pm
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jtnospam@yahoo.com wrote:
> I understand there is an exemption from premature withdrawl
> of 401K monies if used in acquiring a first residence. Does
> it work for a RV/ Motorhome? It will be our primary
> residence. Thanks in advance for advice and
> experiences.-Jitney
You are mistaken. The exception to the early withdrawal
penalty on $10,000 for the purchase of your first home
relates to IRA distributions, not 401(k) distributions.
For a list of exceptions to the penalty for 401(k) distributions,
see IRS Pub 575. For IRA exceptions, see Pub 590.
http://www.irs.gov/formspubs/lists/0,,id=97819,00.html
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