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kstoddart7
Level 1
January 15, 2026
Question

Hardshid deductions

  • January 15, 2026
  • 1 reply
  • 0 views

Are there are hardship deductions?  I was out of a job in 2025 dealing with a cancer diagnosis.  I had to sell some of my 401k to get by.  Are there any ways to reduce the tax rate due to the hardship?

1 reply

R
RobertB4444
Level 15
January 15, 2026

No, there is no deduction for having a hard time.  However, you can avoid the 10% penalty that would normally be charged for early withdrawal from a 401K if there were medical expenses that had to paid with the money you took out or if you were over 55 when you were separated from your job.

 

 

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