can you withdraw your 401 K while still employed at same job (needed for hardship)?

Answer 1

Yes, but you will have to pay income tax. If your hardship qualifies, you can withdraw without the 10% penalty.
You should also look into borrowing against your 401K. You should be able to borrow 50%. All the payments you make go back into the 401k.

Answer 2

There are provisions in the tax code for hardship withdraws. The amount is limited to actual contributions. Earnings cannot be withdrawn. A loan against the account may be a better option. The limit is generally 50% of the account value including earnings.

Answer 3

You can contact the plan administrator (your employer will have contact info.) and request a hardship distribution. This can be due to outstanding medical bills that exceed 7 1/2% of your income, to pay for higher education, home forclosure, etc...
You face a 10% early withdrawal penatly on the distribution in addition to the money being included in your income and taxed at whatever rate your tax bracket is federally.

Answer 4

Yes you can withdraw against the 100% vested portion. Talk to your HR department. You might be penalized and taxed for doing this, but it is an option.

Answer 5

You can get a hard ship loan.My 401 did ask for a reason.

Answer 6

You can take a loan against your 401K. Speak to the person that administers the 401K's at your place of work.

Answer 7

Most of the time you can, but will pay a penalty. Just talk to someone in HUman resources, they will let you know.

Answer 8

you should be able to take out a percentage of your 401K with a penalty fee of course.