lindac
Feb 28, 2007, 09:11 AM
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 ?
($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 ?