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Suppose I have about 60k in my Roth 401(k) account. (50k on contributions + 10k earned through trading stocks using the 50k over time)

I am a first time buyer and am planning to withdraw funds.. so I can withdraw only 10k tax free? Or can I first withdraw 50k as contributions and later withdraw the remaining 10k as its tax free for first time home buyer? ...how does it work?

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Your math is fine, except employers might not permit the withdrawal. You'd have to go back to their rules or contact HR to understand the withdrawals permitted.

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