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Asked 1/30/2012

Reasons for 401k hardship withdrawal denial

The human resources director says they want invoices, bills with $ amounts but how can you provide something that has not been incurred if you havent recieved the funds to aquire the bill. These are things that are directly related to our eviction and necessary to prevent/delay eviction. I would think that being put out on the streets would be just about the worst thing that can happen to a family/employee if they are valued by their employer. the bk filing expenses for my husband and myself IS the only way we can prevent eviction tommorrow...

 
 
 
 
 
Answers

Answer 1/4 - Submitted 1/30/2012

According to the IRS, "a retirement plan may, but is not required to, provide for hardship distributions."

If an employer does have a provision for hardship distributions, it can determine and limit the type of hardship withdrawals allowed. Some plans only allow distribution for medical or funeral expense, for example, and not for paying for a home or tuition.

Can you provide your employer with a copy of your mortgage agreement or rental lease? These would show the amounts you are spending. You will have to prove your situation.

You may also want to contact your state and community social services offices to see if emergency assistance is available.

 
 

Answer 2/4 - Submitted 1/30/2012

Thanks to any and all responses. ill have to appologize but it is day before d-day eviction and im trying to prepare for the worst, but always hope for the best! thanks again to any and all responses.

 
 

Answer 3/4 - Submitted 1/30/2012

I do wish you well.

Feel free to come back with any other questions you may have, we're happy to help.

 
 

Answer 4/4 - Submitted 1/30/2012

Good luck to you. Please stay in touch and let us know how things turn out for you.

 
 
 
 
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