Welcome! | Ask A Question
Asked 7/1/2010
|
I want to withdraw money from my 401K but don't know if I can for the reason I have. My partner and I have been dealing with our mortgage company to keep from foreclosing on our home after about 4 months of not being able to pay the mortgage due to loss of job and a high mortgage payment. He is just newly employed and my company only allows withdraws for certain hardships. The mortgage company has worked with us to lower our payment so it is reasonable now but the escrow account was canceled and now summer taxes are due and we don't have the money for them. We can now just afford the mortgage and will have a difficult time coming up with money for property taxes? Can I withdraw this one time to pay property taxes so we don't get 1)another raised mortgage payment or 2) issues with possible foreclosure again? |
Answer 1/1 - Submitted 7/2/2010
According to the 401k plan, foreclosure is a hardship. See the attached rules for withdrawl:
http://www.money-zine.com/Financial-Planning/Retir ement/401k-Hardship-Withdrawal/
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
I recently got divorced and part of the agreement was i was to recieve money for my 1/2 of equity in a home me and my now ex husband were buying.he kept hte home and i had ot relocate will i have to pay taxes on the money i recieved.i will also get 1/2 of his 401k as he will mine it is to be set up...
I was out of work for the entire year of 2007. i did not collect any unemployment. even though i have no income to report, i do have deductions and i have in the past itemized deductions. how do i file and claim deductions since i have no income to report? should i withdraw from my 401k in order...
I need to know if accept a payment from my after tax contributions out of my 401k, if it will cause me to pay taxes? the amount is $14,200 approx. how do i figure that out?
|
Will i have to pay taxes on money paid to me after my divorce I recently got divorced and part of the agreement was i was to recieve money for my 1/2 of... |
|
I was out of work for the entire year of 2007. i did not collect any unemployment. even... |
|
I need to know if accept a payment from my after tax contributions out of my 401k, if it will... |
|
Can you withdraw funds from a 401k at any time due to a terminal illness? |
|
Question: in the past the 401k contribution reduced all taxable wages dollar for dollar... |
|
Taxes and penalties on 401k early withdrawal for new home If i withdraw my 401k to purchase a house would i still be subjected to the 10% penalty and... |
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.