topic Early withdrawal from 401k to pay for mothers funeral can i put that down under the situations that may lower the penalty cost. in Retirement tax questions

Early withdrawal from 401k to pay for mothers funeral can i put that down under the situations that may lower the penalty cost.

esmith4683 — Thu, 06 Jun 2019 05:16:02 GMT

My mother passed away and i didnt have enough money to bury her so I cashed out my 401k early. i paid federal and state tax when i cashed out but was wondering if that counts as death under the exemptions.

Unfortunately, funeral expenses are not one of the except...

Howard1948 — Thu, 06 Jun 2019 05:16:03 GMT

Unfortunately, funeral expenses are not one of the exceptions to the early withdrawal penalty.

Hardship withdrawals are allowed to: Purchase or repair a...

dar90256 — Thu, 06 Jun 2019 05:16:05 GMT

Hardship withdrawals are allowed to: Purchase or repair a primary home; Pay education tuition, room and board, and fees for the next 12 months for you, your spouse, children, and other dependents; Prevent eviction or foreclosure on your primary residence; Address severe financial hardship; Pay for unreimbursed medical expenses for you, your spouse, children and other dependents; Pay for funeral expenses for immediate family members—parents, spouse, children, and other dependents. - See more at: <a rel="nofollow" target="_blank" href="http://www.finra.org/investors/401k-hardship-withdrawals%e2%80%94understand-tax-bite-and-long-term-consequences#sthash.6wmjYMhD.dpuf">http://www.finra.org/investors/401k-hardship-withdrawals%e2%80%94understand-tax-bite-and-long-term-consequences#sthash.6wmjYMhD.dpuf</a>

Those are for being able to take a withdrawal from the 40...

VolvoGirl — Thu, 06 Jun 2019 05:16:06 GMT

Those are for being able to take a withdrawal from the 401k. But keep reading down. There are only a couple exceptions to the 10% early withdrawal penalty on your tax return.