Question

Does a hardship withdrawal for eviction fall under this category: Permissible Section 414(w) Withdrawals.

Forum|Forum|3 years ago
March 12, 2023
1 reply
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I took a hardship from my 401k due to a eviction and turbo tax guided me to the question to see if the withdrawal qualified to not pay more taxes. I guess I'm needing to know what exactly Permissible Section 414(w) Withdrawals means and does my situation qualify.

TurboTax Deluxe Online

P

PattiF

Hardship withdrawals are available to prevent eviction or foreclosure on your main home. It's up to your employer and the plan custodian to approve your request for a hardship withdrawal. If there is a 2 in Box 7, you do have an exception for an early distribution without penalty. If you do not have that code, for Box 7, contact the plan custodian for a corrected 1099-R.

Please see more information in this TurboTax Help article.

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