Welcome! | Ask A Question
Asked 7/23/2009
|
Can I withdraw money from my 401k or even close it? At the beginning of the year we took out a loan on our 401k. At this point we still need more and were looking to make a withdrawal ok it. Ing told us we can't withdraw but we can file for a hardship. We have already done this and were denied. We don't want to wait till we are forclosing on our home to be able to tap into our money. We then said, out of frustration, we want to close the account and they told us we can't ever close the account while my husbands an employee there. Can this be right? |
Answer 1/1 - Submitted 7/23/2009
It is... you cannot close the account until one of three things happen: Employment ends, he reaches 59 1/2 (and then only if the plan allows in service) or he is permanently disabled.
Hardship is very strict as these guidelines are set by the IRS... your idea or hardship and theirs is very different... So it is absolutely right.... they make it difficult to get the money because it was put there for retirement...
you do not have to BE IN foreclosure, but you must be facing it.. most mortgage holders will send a letter of intend, or mention foreclosure on a past due (2-3 month) bill... this should be sufficient to approve the hardship.. medical bills, and tuition will allow you to withdraw that amount as well.....
So I know this is not what you want to hear.. but ING is correct.
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
Ok, is it possible for me to take all my money out my 401k? i understand i will have to pay a penalty. i need the money, and have no other ways to get it. i have $33,000 in my 401k. after taxes and penaltys, does anyone have a close number, on what i will get (educated guess) a round about number?
How do the rules apply to withdrawing form 2 401k accounts. do i withdraw all funds from the 1st before starting to withdraw from the 2nd, or draw some from both at the same time?
If i can only withdraw from my 401k because of a hardship, can i withdraw (with proper documentation) about 1/2 of my balance? i was told that because i only have interest left in my account ($50,000) i cannot withdraw any monies. is this one of irs rules for the 401k. i've called several other...
|
Leaving company, need to withdraw 401k. Ok, is it possible for me to take all my money out my 401k? i understand i will have to pay... |
|
How do the rules apply to withdrawing form 2 401k accounts. do i withdraw all funds from... |
|
If i can only withdraw from my 401k because of a hardship, can i withdraw (with proper documentation)... |
|
Do i have to withdraw any money from 401k if 72 and still working I work full time. age is 71. do i have to withdraw any money from my 401k held by different... |
|
What do i do to withdraw my 401k money? Iam moving out of this country and i would like to take all my money who odo i cvontact in... |
|
Can my ex husband withdraw his 401k if i was entitled to half without my signature? In our divorce decree, i was to get 1/2 of his 401k that was accumulated during the marriage.... |
Ask A Question
Ask a new question about
401k:
About
| Contact Us
| Membership Agreement
| Privacy Policy
| Site Map
| Advertise on this Site
Copyright © 401kQuestions.net 2012. All rights reserved.