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Contributor

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...

 

 

QUESTION...

 

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

1 REPLY

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Nix1330,

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!