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mwalker7893
February 20, 2025
Question

The system is telling me that I can get credit for "Distributions for eligible emergency expenses" from a 401k up to $1000. What qualifies as an eligible emergency?

  • February 20, 2025
  • 1 reply
  • 0 views
This is in the portion of retirement withdrawals called "These situations may lower your tax bill." Unfortunately it does not provide info as to what qualifies.

    1 reply

    M
    MayaD
    February 21, 2025

    Per IRS:

    The term “emergency personal expense distribution” means any distribution made from an applicable eligible retirement plan to an individual for purposes of meeting unforeseeable or immediate financial needs relating to necessary personal or family emergency expenses.

     

    For more information, check: irs.gov

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