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mvande7969
New Member

If you are behind on your mortgage and withdrawal form 401k to prevent foreclosure. Is 5his considered a hardship and can penalties be waived.?

 
1 Reply
JohnW15
Intuit Alumni

If you are behind on your mortgage and withdrawal form 401k to prevent foreclosure. Is 5his considered a hardship and can penalties be waived.?

Unfortunately, this isn't an acceptable exception to the penalty assessment.  

Please see Retirement Topics - Exceptions to Tax on Early Distributions on the IRS website, and the TurboTax FAQ below for more information.

What are the exceptions to the penalty for an early withdrawal from my 401(k)?
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