for a 401k withdraw. My husband and I are planning on relocating to Georgia both for better jobs and for our daughter to attend high school,would this be considered a hardship case? He has about 15,000 and we do no about the taxes coming out of it.
2007-06-12 03:24:01 · 4 answers · asked by lagies mommy 2 in Business & Finance ➔ Personal Finance
One of the qualifications is purchasing a residence what do they need
2007-06-12 11:28:25 · update #1
Relocation would not qualify as a hardship withdrawal.
You could consider taking a loan against the balance - that way as you pay it off you pay yourself the interest.
2007-06-12 03:32:12 · answer #1 · answered by jgcii 4 · 0⤊ 0⤋
Claiming a "hardship" may allow you access to the money but it does not alleviate the tax liability. You would pay regular income taxes on this money as well as a 10% penalty.
2007-06-12 10:33:55 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋
Health, educational, & 1st (emphasis on 1st) time home-buying qualifies for tax-free withdrawals from IRAs & 401(k)s. I'm pretty sure education withdrawals only counts toward post-secondary education too.
2007-06-12 20:17:58 · answer #3 · answered by MinocStriker 2 · 0⤊ 1⤋
are you looking to sue someone on hardship?
2007-06-12 10:31:24 · answer #4 · answered by bullet b 4 · 0⤊ 0⤋