Comments on: If depleting your 401K while unemployed , any hardship criteria to offset taxes and penalties for early WD ? http://www.talkaboutretirement.net/united-states/if-depleting-your-401k-while-unemployed-any-hardship-criteria-to-offset-taxes-and-penalties-for-early-wd/ Issues concerns retirement and retired living Sat, 11 Feb 2012 22:22:52 +0000 http://wordpress.org/?v=2.6.3 By: Judy http://www.talkaboutretirement.net/united-states/if-depleting-your-401k-while-unemployed-any-hardship-criteria-to-offset-taxes-and-penalties-for-early-wd/#comment-945 Judy Fri, 04 Dec 2009 20:28:30 +0000 http://www.talkaboutretirement.net/united-states/if-depleting-your-401k-while-unemployed-any-hardship-criteria-to-offset-taxes-and-penalties-for-early-wd/#comment-945 <a href="http://mycaffeinatedcontent.com">Caffeinated Content</a> No, sorry, no breaks on the tax or the 10% penalty. Good luck. Caffeinated Content

No, sorry, no breaks on the tax or the 10% penalty.

Good luck.

]]> By: MukatA http://www.talkaboutretirement.net/united-states/if-depleting-your-401k-while-unemployed-any-hardship-criteria-to-offset-taxes-and-penalties-for-early-wd/#comment-944 MukatA Fri, 04 Dec 2009 05:32:57 +0000 http://www.talkaboutretirement.net/united-states/if-depleting-your-401k-while-unemployed-any-hardship-criteria-to-offset-taxes-and-penalties-for-early-wd/#comment-944 <a href="http://mycaffeinatedcontent.com">Caffeinated Content</a> 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. Caffeinated Content

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.talkaboutretirement.net/united-states/if-depleting-your-401k-while-unemployed-any-hardship-criteria-to-offset-taxes-and-penalties-for-early-wd/#comment-943 Wayne Z Thu, 03 Dec 2009 17:06:15 +0000 http://www.talkaboutretirement.net/united-states/if-depleting-your-401k-while-unemployed-any-hardship-criteria-to-offset-taxes-and-penalties-for-early-wd/#comment-943 <a href="http://kansieo.com/members">Caffeinated Content - Members-Only Content for WordPress</a> No. Hardship allows you to access the money but you still have to pay taxes and the 10% penalty. Caffeinated Content - Members-Only Content for WordPress

No.

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

]]> By: Aidan http://www.talkaboutretirement.net/united-states/if-depleting-your-401k-while-unemployed-any-hardship-criteria-to-offset-taxes-and-penalties-for-early-wd/#comment-942 Aidan Mon, 30 Nov 2009 22:48:24 +0000 http://www.talkaboutretirement.net/united-states/if-depleting-your-401k-while-unemployed-any-hardship-criteria-to-offset-taxes-and-penalties-for-early-wd/#comment-942 <a href="http://mycaffeinatedcontent.com">Create a video blog</a> no Create a video blog

no

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