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?

posted

Connect with an expert

1 Best answer

Accepted Solutions

No, that's not one of the exceptions to the 10% early withdrawal penalty. Sorry.

2 Replies

the penalty is 10%. Just think of it as your final interest payment on that student loan. Be happy.

No, that's not one of the exceptions to the 10% early withdrawal penalty. Sorry.

Still have questions?

Questions are answered within a few hours on average.

*Must create login to post

Unlock tailored help options in your account.