2006-08-19 04:32:15 · 3 answers · asked by Anonymous in Business & Finance ➔ Investing
If it will let you try to borrow from it and then pay it back. Alot of times there is no penalty for borrowing but be sure you know what the penalty is in case you can't pay it back. This is directly from the IRS web site
Many 401(k) plans allow employees to make a hardship withdrawal because of immediate and heavy financial needs. Generally, hardship distributions from a 401(k) plan are limited to the amount of the employee's elective deferrals only, and do not include any income earned on the deferred amounts. Hardship distributions are not treated as eligible rollover distributions.
Distributions received before age 59 1/2 are subject to an early distribution penalty of 10% additional tax unless an exception applies. For more information about the treatment of retirement plan distributions, refer to Publication 575, Pension and Annuity Income.
2006-08-19 04:47:41 · answer #1 · answered by Lauren1980 3 · 0⤊ 0⤋
Your personal marginal tax rate X the dollar amount plus 10% penalty.
2006-08-19 04:42:07 · answer #2 · answered by 3eleven 4 · 0⤊ 0⤋
Get free rates
2015-02-09 21:39:47 · answer #3 · answered by Kennedy 1 · 0⤊ 0⤋