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Old 11-05-2009, 09:16 PM
Junior Member
  
Join Date: Nov 2009
Posts: 1
Question

401k loan and hardship withdrawal

What is the name of your state (only U.S. law)? Georgia
I am having a serious home repair issue, but cannot withdraw from my 401k for plumbing repair.

What I would like to know is can I take out a loan from my 401k (yes I am eligible for a loan- no previous loans or hardships ever taken) and also take out a hardship withdrawal a week later with an eligible hardship request.

I realize taking funds from my 401k is not a good idea but I really have to. My husband is disabled and we are on limited funds at this time.

Thank You
  #2  
Old 11-05-2009, 09:53 PM
cbg cbg is offline
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Join Date: Nov 2001
Location: Massachusetts
Posts: 23,700
That depends on what your plan document says. If the plan document says you can, you can. If the plan document says you can't, you can't.

Does your plan SPECIFICALLY state that hardship withdrawals are allowed, and if so, does it SPECIFICALLY state that they can be taken for home repair? Federal law on hardship withdrawals is VERY strict.
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