I just went under contract to buy my first home and am using USAA. I have retirment $ that I am going to use for the downpayment and I understand that I can take a 1 time distribution up to $10,000 without paying a penalty but will have to count it as income on my federal and state returns next year...
1. If my closing costs are only $7,000...
Can I take the full $10,000 without penalty to cover necessary things I need for the house?
2. Can I take the money from 2 accounts at different investment companies?
Thank you for participating in the USAA community forum. Due to the nature of your questions, and the additional personal details it would require, the best way to get a more detailed answer is by calling one of our member service representatives at 1-800-531-8722. Thank you and good luck in your home buying endeavors!