JulieS
Expert Alumni

Get your taxes done using TurboTax

No, there's no hardship exception to the early withdrawal penalty. There's an exception for qualified first-time homebuyers, up to $10,000, but it doesn't apply to 401(k) distributions, only to IRAs.

 

You can take money out of your 401(k) early, as long as your plan allows it, but it'll be included in your taxable income and subject to an early withdrawal penalty, unless you are over 59 1/2. There are some exceptions to the penalty. Follow this link to see more.  

 

Please note that the third column tells you if the exception applies to 401(k) distributions. 

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