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April 15, 2020
Question

Can i get a break on early withdrawal from retirement plan since i was laid off and using money to pay bills

  • April 15, 2020
  • 1 reply
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1 reply

April 15, 2020

No, you cannot, unfortunately.  Hardship is not one of the exceptions the IRS allowed to waive the penalty on the early withdrawal from a retirement plan.

 

However, do check the link to see if you can get a break from other reasons.  For example, medical.  I am attaching an IRS link for your reference:

 

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions

 

@wfnoboa1