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Retirement Plan Loan or Hardship Distribution
If you took—or are planning to take—a loan or a hardship distribution from your retirement plan to cover disaster-related expenses, here are some issues to consider:
Due to the specifics of each plan, the above is only an overview. For full details, you must contact your plan administrator.
When you enter the 1099-R, you will be given the option to elect to waive the early withdrawal penalty.
If you are asking about another type of distribution or need more information, feel free to elaborate more below and we can help you to better understand the disaster-related tax changes.
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