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New Member
posted Jan 28, 2022 5:43:22 AM

What if i took 401k because i couldnt woirk due to seizures and needed the money to pay my bills and rent

i had the 10 percent tax taken out can i get the penalty waived

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1 Replies
Level 15
Jan 28, 2022 5:50:34 AM

Those are not reasons which would exclude the 10% early distribution penalty on a distribution from an 401(k) account.

See this IRS tax topic for exceptions to the early distribution penalty from accounts that are not an IRA - https://www.irs.gov/taxtopics/tc558