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Retirement tax questions
"Other" does not apply.
$1,000 of the $3,000 would qualify for the emergency-expense exception only if you actually needed the money for an unforeseeable or immediate financial need. Losing a job would not necessarily create such an financial need.
See Q&A 1 and 2 in IRS Notice 2024-55: https://www.irs.gov/pub/irs-drop/n-24-55.pdf
‎February 8, 2025
7:51 AM