Withdrawing funds from retirement for closing costs ?
Good morning All,
I am closing on my home in 2.5 wks and closing costs were almost doubled unexpectedly. In order to cover I am taking a early hardship withdrawal from my retirement account.
On the forms is a question regarding withholding and it states if I do not designate how much to withhold it will automatically withhold 10% for Taxes or I have the option of withholding nothing. My question is, better now or will my deductions as a homeowner offset this 10% come tax time?
We are not talking a large amount here but since I am all on my own in this purchase I want tread carefully.
Thanks for any advice.