I need to withdrawal money from 401k for bills

Do you have a question?

A withdrawal from a 401(k) is a taxable event and the distribution is entered on your tax return as ordinary income.  If you are under the age of 59 1/2 there will be a 10% early distribution penalty assessed and entered on your tax return as a tax liability.

Having bills to pay is not an exception to the early withdrawal penalty.

You have to contact the administrator of your 401(k) plan to request a withdrawal, if they allow it.  There are certain rules for withdrawals and there are consequences for early withdrawals if you haven't reached the age of 59 and 1/2.

For more information, refer to the TurboTax article An Early Withdrawal From Your 401(k) and Can I make a hardship withdrawal from my 401(k)?

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