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Asked 2/26/2009
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Early hardship withdrawals I took a hardship withdrawal out of my 401k last December of 2007 to provide the amount needed for my downpayment of my primary residence. I was under the impression in the state of Texas this was allowed and not subject to early withdrawal penalties? |
Answer 1/1 - Submitted 10/12/2009
There is nothing that will make a hardship withdrawal NOT subject to penalty other than the age of the participant or permanent disability...
Any withdrawal prior to retirement age will be subject,
unless you are permanently disabled, and the distribution was coded as such by the administrator..
Some withdrawals can be adjusted at tax time by the account, (over 7 1/2% of gross income on medical bills as an example) --
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