It depends. Since you are under age 59 ½, you will have to pay a 10% penalty on the distribution. The IRS does allow some exceptions to the penalty including total and permanent disability, unreimbursed medical expenses that exceed 7.5% of your AGI or rollover into another retirement plan within 60 days. Please refer to the IRS website Retirement Topics - Exceptions to Tax on Early Distributions and the TurboTax Help article What are the exceptions to the penalty for an early withdrawal from my 401(k)? for additional information.
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