If I am putting my first home and I withdraw from my 401k/IRA, am I limited to the exact amount I put down? Or can I withdraw up to the $10k max to cover other expenses? What kind of records do I need to keep for that and where does it go on my taxes?Answers to any or all of these is greatly appreciated.You cannot do a penalty-free distribution from a 401(k) for a first time home purchase. That is ONLY from an IRA. And you must use the full $10k towards the purchase of the home to avoid the penalty.