2007-09-28 14:45:50 · 4 answers · asked by buttercup_058 1 in Business & Finance ➔ Personal Finance
A letter from your landlord or copies of your eviction notice would probably document the need. Then check with your 401-k plan administrator to see if this qualifies.
2007-09-28 14:51:02 · answer #1 · answered by Bobcat 3 · 0⤊ 0⤋
If you company's plan permits hardship withdrawls based on your circumstances, you will have to pay income taxes on the money and a 10% early withdrawl penalty if you are younger than 59-1/2.
2007-09-29 00:18:32 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
Call your 401(k) company up on the phone and tell them your situation. Explain to them that you are under financial hardship and they'll either do the forms over the phone or mail them to you. You may be able to do them online as well.
2007-09-28 21:51:22 · answer #3 · answered by PRC SD 3 · 0⤊ 0⤋
It is possible to withdraw, however, get the advice of a tax lawyer and/or a tax accountant. From the little I know, I think that whatever you withdraw before you are 65 years of age will attract a 50% early withdrawal tax.
Say, if you plan on withdrawing $2000, your tax will be $1000, which you will owe the IRS.
2007-09-28 21:51:31 · answer #4 · answered by Muga Wa Kabbz 5 · 0⤊ 4⤋