[luetha41]

I want to take a hardship on my 401k, but was inform had no money for this, I have 2 loans and only $ 4600.00 in my 407k. I need the money to pay my rent, is there any special rules about hardship for being put out your home?

[ebaines]

The hardship rules for 401(k) require your plan to allow you to take money from your account to avoid eviction from your home. However, it may be that your plan has a vesting schedule that reduces the amount you can withdraw - is that right? Your plan administrator should be able to explain this to you. I suspect that you have already maxed out the amout you are allowed to borrow (typically you can't borrow more than 50% of your account balance), so if you were to take more those 2 loans may automatically convert to withdrawals. This would then trigger the requirement for you to pay income tax and 10% penalty on everything you've withdrawn or borrowed. So be careful here - since no income tax was withheld when you took the loans, you will have to have cash available to pay the IRS in April.