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mikehuening
New Member

If I take a hardship withdrawl from my 401k for medical expenses are there penalties

how do you calculate the percentage for adjusted gross income
1 Reply
SharonC1
New Member

If I take a hardship withdrawl from my 401k for medical expenses are there penalties

This will tell you what you need to know about 401K hardship withdrawals:

https://ttlc.intuit.com/replies/3302066

To calculate the percentage for adjusted gross income, multiply the adjusted gross income by 10% or .1 (the decimal for 10%).  You can locate your adjusted gross income:

  • On IRS 1040 - line 37,
  • On IRS 1040A - line 21,
  • On IRS 1040EZ - line 4.  
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