Removing money from a retirement account such as a 401(k) or 403B earlier than expected due to a hardship. Individuals that remove funds early are subject to taxation and penalties enforced by the Internal Revenue Service.
Related information about hardship withdrawal:
- Retirement Plans FAQs regarding Hardship Distributions
Aug 15, 2012 ... Retirement Plans FAQs regarding Hardship Distributions. These frequently asked questions and answers provide general information and ...
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- Hardship Withdrawal Definition | Investopedia
An emergency withdrawal from a retirement plan that may be subject to certain tax or account penalties. In the United States, funds withdrawn prior to the age of ...
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This article provides information on 401k hardship withdrawals, including definitions, acceptable use of the money, as well as safe harbor provisions.
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- Financial Hardship In-Service Withdrawals - Thrift Savings Plan
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