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II became disabled in Oct 2006 and had to draw from my 401K plan to live,How do I get a hardship on those fund |
I was not drawing any salary and my long term disability had not started . So we had to use most all of the 401K. I have asked for an extension on filing my income tax but was told I had to have something from the investment firm that held my 401K. I know they did not hold out any penalty or taxes. You have to talk to the financial institution so they'll show proper code for distribution. However, you will pay income taxes on distribution anyway. The code(which shows your elegibility to withdraw) will help only to decide whether you will pay 10% penalty on early distribution if you are under 59.5 years old. There are 10 instances you won't pay penalty such as if you used money to make down payment if you were first time home buyer, or in your case, you used it for medical expenses necessary for you to recover. if you choose this, you won't pay penalty, but you will pay income tax. You need a Form 1099-R from the investment firm to do your taxes. Hopefully it will have a distribution code 3 on it for disability. |
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