Can you get into your 401K if your are suffering a hardship?

Answer by  Silver575 (69)

Yes, but there are strict limitations. Federal, state, and local taxes will diminish greatly the withdrawal amount. Also, documentation is required to show hardship, such as tuition bills or funeral expenses. Policies between employers may vary and every Human Resources department will evaluate you withdrawal request differently based on documentation.

Answer by  Dpat966 (6)

Yes.There are exceptions which include, funeral costs, lump sum payment rolled into new retirement account within 60 days, paying past due taxes assessed by the IRS, if unemployed, you paid for health insurance, you suffered a permanent disability, you haven't owned a home in 2 years and only use $10,000.

Answer by  cqui (22)

Yes, but that is very expensive. You will loose a lot to taxes because it costs you nothing to have a 401K.