Hardship withdrawal for early withdrawal of 401K

Question

Feb 28, 2007, 08:11 AM

lindac

New Member

Join Date: Feb 2007

Posts: 3

Hardship withdrawal for early withdrawal of 401K

I am, 56 years old, live in the State of Florida, and just lost my job. I have a small 401K
($6,000) with this company and want to withdraw all of it and put it in a savings account to help tide me over until I find another job. I know I will be charged a 10% early withdrawal fee, and I also see that I can claim that penalty as a tax deduction. Can I claim this as a "hardship withdrawal" being I just lost my job ?

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