, CEO Bills.com
Dec 12, 2011
What is a 401(k) hardship withdrawal?
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Pamela D.
San Marcos, CA | April 13, 2011
San Marcos, CA | April 13, 2011
My sister has quit her job due to health reasons. She wants to cash out her 401k to live on until her disability comes through. Does she have to be taxed on the money if she needs it to live on?
(0)
Bills.com
April 14, 2011
April 14, 2011
In general, yes. A 401(k) is a plan to defer income taxes, and not eliminate taxes altogether. See the IRS publication 401(k) Resource Guide - Plan Participants - General Distribution Rules to learn more. The real question is, "Must a disabled person pay the 10% penalty tax on a 401(k) distribution?" The answer is no if the disability qualifies. Again, see the IRS document I just mentioned to learn more.
(0)
Pamela D.
San Marcos, CA | April 14, 2011
San Marcos, CA | April 14, 2011
Thank you so much Bill. You explain very clearly!
(0)
Bills.com
August 10, 2009
August 10, 2009
If you have a loan against your 401k, then the proceeds would likely first pay down the 401k loan and then be distributed.
Good luck Kanman.
(0)
Kanman .
August 10, 2009
August 10, 2009
Can a 401k hardship withdrawal be taken out, if u have an outstandind loan?
(0)
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