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Early Distribution Penalty 401K
My husband was laid off from his job of almost 15 years on 11/4/20, along with many others at the company due to Covid. We received a severance package, and he registered for unemployment, but we never received any. My husband has been going back to school to learn HVAC, and we needed money to live on, and for him to pay for school. We waited until our 401K reached $140,000, so we could take out $40,000, and received $32,000 after taxes on 6/25/21. Is there a penalty exception for our circumstances for early withdrawal?
March 9, 2022
10:02 AM