Penalty On Distribution

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  • BOB W
    Senior Member
    • Jun 2005
    • 4061
    #1

    Penalty On Distribution

    Has anyone heard of an exception for a premature distribution (code 1) for hardship. The hardship was to pay a mortgage the was behind 5 months.

    Yes I know they should of renegotiated with their lender, but this was early in 2008.
    This post is for discussion purposes only and should be verified with other sources before actual use.

    Many times I post additional info on the post, Click on "message board" for updated content.
    Tags: None
    • S T
      Senior Member
      • Jun 2005
      • 5053
      #2
      Withdrawal

      from 401K - IRA, etc.

      I don't think there is a "hardship" exception for mortgage, but it would help narrow the search if we knew what type of plan the t/p withdrew from.

      Sandy

        Comment

        • BOB W
          Senior Member
          • Jun 2005
          • 4061
          #3
          Originally posted by S T
          from 401K - IRA, etc.

          I don't think there is a "hardship" exception for mortgage, but it would help narrow the search if we knew what type of plan the t/p withdrew from.

          Sandy
          It was from a Laborer's Union Annuity. I was thinking that maybe the new stimulas had a provision for such an exception...???
          Last edited by BOB W; 03-11-2009, 08:26 PM.
          This post is for discussion purposes only and should be verified with other sources before actual use.

          Many times I post additional info on the post, Click on "message board" for updated content.

            Comment

            • David1980
              Senior Member
              • Feb 2008
              • 1703
              #4
              Probably is an exception for being able to take money out of the 401k while still employed with the company. So an exception for the policy, rather than an exception for tax.

                Comment

                • BOB W
                  Senior Member
                  • Jun 2005
                  • 4061
                  #5
                  Originally posted by David1980
                  Probably is an exception for being able to take money out of the 401k while still employed with the company. So an exception for the policy, rather than an exception for tax.

                  Dave & ST thanks for your replies. Isn't it strange when one goes fishing for answers that aren't there.......................
                  This post is for discussion purposes only and should be verified with other sources before actual use.

                  Many times I post additional info on the post, Click on "message board" for updated content.

                    Comment

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