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Asked 12/8/2008
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I had to go on SS disability and I need my 401 to keep my home. Can I be exempt from the penalty? I am 57yrs old. I am a diabetic and heart patient. I had to go on Social Security disability. But I am only 57. Can I be forgiven of some of the penalties due to hardship? I need all the funds I can get to keep My home. And with todays market I may lose it .
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Answer 1/1 - Submitted 10/24/2011
Unfortunately, there is no exception to the penalty for preventing foreclosure on your home. However, there are some exceptions that might apply:
- to the extent that your medical expenses exceed 7.5% of your income
- if you separated from service after age 55
- if you are considered permanently and totally disabled
- if you set up a series of periodic withdrawals under a 72(t) plan
I strongly suggest you consult with an experienced tax professional to explore your options.
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