How long does it take to get 401K disbursement for under 59 1/2 year old, hardship withdrawal once filed?
Posted February 24th, 2009 by admin 4 Comments »
Concerned asked:
My husband has been out of work and we have separate 401k plans but need to take a lump sum from his plan to help with the bills or we won’t have a place to live.
1. How long does this process take?
2. We want to opt for the 10% and 20% tax and penalty to be taken out before the disbursement. Will we be taxed or penalized again on it when we file our taxes?
My husband has been out of work and we have separate 401k plans but need to take a lump sum from his plan to help with the bills or we won’t have a place to live.
1. How long does this process take?
2. We want to opt for the 10% and 20% tax and penalty to be taken out before the disbursement. Will we be taxed or penalized again on it when we file our taxes?