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neastman320
New Member

I withdrew my entire 401k due to unemployment hardship. Under the section of lowering penalty payments if I select "other" would this be considered a legitimate reason?

 
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NewGuy
New Member

I withdrew my entire 401k due to unemployment hardship. Under the section of lowering penalty payments if I select "other" would this be considered a legitimate reason?

The table linked below provides a list of all the exceptions allowed by the IRS to the early withdrawal penalties associated with 401(k)s.  Unemployment is not one of the exceptions.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distri...


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neastman320
New Member

I withdrew my entire 401k due to unemployment hardship. Under the section of lowering penalty payments if I select "other" would this be considered a legitimate reason?

I was also asked if I was a public service employee.  My 401k came from a private ambulance company, not a government or municipality run service?  Do I still qualify as a public service employee?
NewGuy
New Member

I withdrew my entire 401k due to unemployment hardship. Under the section of lowering penalty payments if I select "other" would this be considered a legitimate reason?

The table linked below provides a list of all the exceptions allowed by the IRS to the early withdrawal penalties associated with 401(k)s.  Unemployment is not one of the exceptions.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distri...


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