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Asked 8/10/2009

Hardship withdrawals to prevent eviction

I have a letter stating that my morgtage loan is in default and could result in negative reporting to credit bureaus and possible reccomendation for foreclosure. Will this letter be sufficent to obtain a hardship withdrawl from my 401K as far as the IRS is concearned.

 
 
 
 
 
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Answer 1/1 - Submitted 8/10/2009

One would think a home on the foreclosure track, would qualify. You can only take out your contribution, though.

Here is the IRS link, and make sure you read the publication highlited after the short discussion on the eligibility.
http://www.irs.gov/taxtopics/tc424.html

 
 
 
 
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