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Does a hardship withdrawal for eviction fall under this category: Permissible Section 414(w) Withdrawals.

I took a hardship from my 401k due to a eviction and turbo tax guided me to the question to see if the withdrawal qualified to not pay more taxes. I guess I'm needing to know what exactly Permissible Section 414(w) Withdrawals means and does my situation qualify.
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PattiF
Expert Alumni

Does a hardship withdrawal for eviction fall under this category: Permissible Section 414(w) Withdrawals.

Hardship withdrawals are available to prevent eviction or foreclosure on your main home. It's up to your employer and the plan custodian to approve your request for a hardship withdrawal. If there is a 2 in Box 7, you do have an exception for an early distribution without penalty. If you do not have that code, for Box 7, contact the plan custodian for a corrected 1099-R.

 

Please see more information in this TurboTax Help article.

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