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Asked 1/29/2009
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What are the exemptions to the 10% penalty for early withdrawel of your 401k I lost my job due to temporary long term disability and had to use my 401k to pay bills. Am I exempt from the 10% penalty? |
Answer 1/2 - Submitted 12/28/2009
Answer 2/2 - Submitted 12/28/2009
When you say temporary disability, I would assume you are not considered permanently disabled.
As above if you paid medical bills in excess of a certain percentage of your income (7 or 10% I believe) the penalty can be waived, the only other exception if you are under 59 1./2, 55 in some cases is if you are permanently disabled. You have to have an award letter and have it submitted with the withdrawal forms for your plan...
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