Joseph R. Viola

1515 Market Street
Suite 1200
Philadelphia, PA 19102

Phone: (215) 854-6310

Fax: (215) 854-4091

Email:

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Tax FAQ & Info

Can I use a "hardship" exception to avoid tax and penalties on a withdrawal from my 401(k)?

It may depend on the wording of your 401(k) plan, which may or may not permit hardship distributions and may limit the categories of hardship that qualify. The IRS, in addition, has its own criteria for determining "hardship." For a distribution from a 401(k) plan to be "on account of hardship," there must be an immediate and heavy financial need and the amount distributed must be limited to th…

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Joseph R. Viola

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Tax FAQ & Info

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