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I do not know if you can answer this, however nothing ventured, etc. I want to retire in a couple of

Husband is 62 and we want to retire in 5 years. We have found a home in the area of Knoxville. When I leave my current job I must transfer my tiny retirement account. Can I use it to put on our new home in  TN without being killed by taxes? I appreciate any information you may have.
Regards, Jo
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October 26 2013 - Knoxville
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Answers (3)

Hi Jo,

The best advice has already been posted - speak to a licensed CPA or tax professional.

If you are over age 59 1/2, you would be able to access the funds without the early withdrawal penalty, but the distributions still may be subject to state and Federal taxation.  There may be exemptions for purchasing a home, but to get the best advice, speak to a tax professional.  Good luck!
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October 27 2013
Connie is correct , I have heard to many stories about folks doing the
wrong thing when it comes to how there monies are transferred and
end up getting "penalized" as the gov. calls it.

Check with a CPA and know what avenues to take before you make any
long lasting deciding factors on this, you may have to move some money
around to assure it stays where it rightfully should...in your pocket.
-Joseph-
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October 27 2013
you may receive a lot of bad advice on that topic.  you might get some good advice to but beware of the responses from non tax professionals.  Whatever answer you get, check with a tax expert before acting.
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October 26 2013
 
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