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sagan-stephanie
June 16, 2019
Question

How would taking a hardship withdrawal from my 401k affect my taxes?

  • June 16, 2019
  • 1 reply
  • 0 views
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1 reply

Carl11_2
Carl11_2
Employee
June 29, 2019

An early withdrawal from a traditional IRA or 401(k) is taxable income no matter what. If this is an early withdrawal and it qualifies, it can be exempt from the early withdrawal penalties - but not the taxes.

Now taxes on the withdrawal would depend on what it was used for (such as medical expenses) and that would be dealt with elsewhere on your taxes.

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