Comments on: If depleting your 401K while unemployed , any hardship criteria to offset taxes and penalties for early WD ? http://www.secretfinance.com/blog/if-depleting-your-401k-while-unemployed-any-hardship-criteria-to-offset-taxes-and-penalties-for-early-wd/ Thu, 17 May 2012 20:38:31 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Judy http://www.secretfinance.com/blog/if-depleting-your-401k-while-unemployed-any-hardship-criteria-to-offset-taxes-and-penalties-for-early-wd/comment-page-1/#comment-823 Judy Thu, 05 Feb 2009 17:04:50 +0000 http://www.secretfinance.com/blog/if-depleting-your-401k-while-unemployed-any-hardship-criteria-to-offset-taxes-and-penalties-for-early-wd/#comment-823 No, sorry, no breaks on the tax or the 10% penalty. Good luck. No, sorry, no breaks on the tax or the 10% penalty.

Good luck.

]]> By: MukatA http://www.secretfinance.com/blog/if-depleting-your-401k-while-unemployed-any-hardship-criteria-to-offset-taxes-and-penalties-for-early-wd/comment-page-1/#comment-822 MukatA Wed, 04 Feb 2009 05:01:26 +0000 http://www.secretfinance.com/blog/if-depleting-your-401k-while-unemployed-any-hardship-criteria-to-offset-taxes-and-penalties-for-early-wd/#comment-822 Early Withdrawal is subject to 10% penalty. Also the withdrawal will be taxed at your normal income tax rate. However, in some case there is no penalty on early withdrawals. *If distributions are not more than your qualified higher education expenses, *You have unreimbursed medical expenses that are more than 7.5% of your adjusted gross income. The distributions are not more than the cost of your medical insurance. *You are disabled. *You are the beneficiary of a deceased 401k owner. *You are receiving distributions in the form of an annuity. *You use the distributions to buy, build, or rebuild a first home. *The distribution is due to an IRS levy of the qualified plan. *The distribution is a qualified reservist distribution. Early Withdrawal is subject to 10% penalty. Also the withdrawal will be taxed at your normal income tax rate. However, in some case there is no penalty on early withdrawals.
*If distributions are not more than your qualified higher education expenses,
*You have unreimbursed medical expenses that are more than 7.5% of your adjusted gross income. The distributions are not more than the cost of your medical insurance.
*You are disabled.
*You are the beneficiary of a deceased 401k owner.
*You are receiving distributions in the form of an annuity.
*You use the distributions to buy, build, or rebuild a first home.
*The distribution is due to an IRS levy of the qualified plan.
*The distribution is a qualified reservist distribution.

]]> By: Wayne Z http://www.secretfinance.com/blog/if-depleting-your-401k-while-unemployed-any-hardship-criteria-to-offset-taxes-and-penalties-for-early-wd/comment-page-1/#comment-821 Wayne Z Sun, 01 Feb 2009 03:03:47 +0000 http://www.secretfinance.com/blog/if-depleting-your-401k-while-unemployed-any-hardship-criteria-to-offset-taxes-and-penalties-for-early-wd/#comment-821 No. "Hardship" allows you to access the money but you still have to pay taxes and the 10% penalty. No.

“Hardship” allows you to access the money but you still have to pay taxes and the 10% penalty.

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