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The Water Cooler
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Any Tax professionals here?
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<blockquote data-quote="inactive" data-source="post: 2718987" data-attributes="member: 7488"><p>This is correct. I did this last year (2014). Except I did not pay taxes (it was a Roth so income taxes were paid before the investment) and I did not pay penalty (since the money was used for down payment on a home, the penalty is waived). So for me it wasn't bad decision at all aside from forfeiting any compounding earning on the investment.</p><p></p><p></p><p></p><p></p><p>Looking at my 511 I don't believe the state assessed a penalty. Just the normal income tax on the distribution.</p><p></p><p></p><p></p><p></p><p></p><p>No doubt <img src="/images/smilies/smile.png" class="smilie" loading="lazy" alt=":)" title="Smile :)" data-shortname=":)" /></p></blockquote><p></p>
[QUOTE="inactive, post: 2718987, member: 7488"] This is correct. I did this last year (2014). Except I did not pay taxes (it was a Roth so income taxes were paid before the investment) and I did not pay penalty (since the money was used for down payment on a home, the penalty is waived). So for me it wasn't bad decision at all aside from forfeiting any compounding earning on the investment. Looking at my 511 I don't believe the state assessed a penalty. Just the normal income tax on the distribution. No doubt :) [/QUOTE]
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