Hardship withdrawal requests up after Sandy
Excerpt:Unlike after Hurricane Katrina, the IRS has not yet announced special tax relief that would make such withdrawals less costly in regards to taxes and penalties, but this is a possibility. Folks affected by Sandy should also contact the Federal Emergency Management Agency (FEMA) to apply for assistance. Before taking a hardship withdrawal from your employer's retirement plan, you need to know that these special withdrawals are different from loans. Hardship withdrawals are taxable and include a 10 percent penalty for early withdrawal. Hardship withdrawals, which are available in many 401(k) plans, allow individuals in certain situations to take a distribution from their 401(k) or other retirement plan accounts while they are still working for the employer that sponsors the plan.
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NaturalDisaster: Hurricane Katrina
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FieldTerminology: eviction
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Organization: IRS
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Organization: Federal Emergency Management Agency
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- 401(k) withdrawals
- dpst cbssandy
- hardship withdrawals
- retirement plan withdrawals
- superstorm sandy
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Before you take a hardship withdrawal from your employer's retirement plan, you need to know these downsides
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Hardship withdrawal requests up after Sandy
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