Everyone has an occasional emergency. During those critical times you need to get your hands on some fast cash. If you've accessed any funds from your 401K Plan, you probably know by now that the IRS penalizes you 10% of the total amount withdrawn.
There may be hope....the IRS does allow you to withdraw 401K Plan funds or take out a loan against your Plan for certain life events:
There may be hope....the IRS does allow you to withdraw 401K Plan funds or take out a loan against your Plan for certain life events:
- Hardships like loss of a home or for avoiding eviction
- Down payments on a new home
- Advanced education or to pay off tuition
- Pay off medical bills