401k Hardship Withdrawal (college)?

[TheGeekess]

I'm sorry if I'm sounding overly critical or analytical of this whole process. I just find it a little bit (actually, really) ridiculous that I'm the one who has to somehow make the determination that my hardship withdrawal would be valid / legal. According to Fidelity, my rental payments for my apartment and "room and board" expenses suffice since I'm a student, even though I'm an online student. I finally found someone at my company who can be the final determiner on the ramifications of this whole process... hoping to hear from her shortly. Thanks for you input, you've been the only one that is actually answering my questions / concerns.

Actually, starting at Post #3, you've been told SEVERAL times to talk to the plan administrator.

You're welcome.

 

[davew128]

OK, we are both wrong. In a 401k, there is no provision for avoiding the 10% penalty for education or buying a house (these do exist for IRAs), but they do exist for the excess medical expenses. disability, and for certain military.

Actually I mentioned the medical exception, but its not a blanket exception to the penalty. You have to itemize and have medical expenses allowed after the 10% AGI limit on Schedule A. Simply having allowable medical expenses isn't enough, you actually have to be deducting them.

 

[cbg]

You are expected to take enough responsibility to know what are legal reasons to take a hardship withdrawal, yes, and I'm sorry but I don't find that to be unreasonable. Considering that you can find that out by making a simple phone call to the plan administrator. Which it sounds as if you have finally done. And which you were advised to do by several people, not just me.