- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
My husband made an early withdrawal on his 401K when he was laid off suddenly so we could pay our rent, etc because he is the main breadwinner, a qualifying hardship?
Topics:
June 14, 2020
5:01 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
The distribution will be taxed however the 10% penalty should be waived if you qualify :
June 14, 2020
5:17 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
General "hardship" is not an exception the the 10% early-distribution penalty. To avoid the penalty he would have to qualify for one of the specific exceptions listed in the reference provided by Critter.
June 14, 2020
5:33 PM