Solved: I am being heavily penalized for taking money out early of my 401k. I used money to pay off exorbitant student loans. Is there any way to claim that to avoid tax penalty?
I am being heavily penalized for taking money out early of my 401k. I used money to pay off exorbitant student loans. Is there any way to claim that to avoid tax penalty?
I am being heavily penalized for taking money out early of my 401k. I used money to pay off exorbitant student loans. Is there any way to claim that to avoid tax penalty?
No, that's not one of the exceptions to the 10% early withdrawal penalty. Sorry.
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
I am being heavily penalized for taking money out early of my 401k. I used money to pay off exorbitant student loans. Is there any way to claim that to avoid tax penalty?
the penalty is 10%. Just think of it as your final interest payment on that student loan. Be happy.
I am being heavily penalized for taking money out early of my 401k. I used money to pay off exorbitant student loans. Is there any way to claim that to avoid tax penalty?
No, that's not one of the exceptions to the 10% early withdrawal penalty. Sorry.
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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