How long does it take to get 401K disbursement for under 59 1/2 year old, hardship withdrawal once filed?
Thursday, June 26th, 2008
Concerned asked:
My husband has been out of work and we have separate 401k plans but need to take a lump sum from his plan to help with the bills or we won’t have a place to live.
1. How long does this process take?
2. We want to opt for the 10% and 20% tax and penalty to be taken out before the disbursement. Will we be taxed or penalized again on it when we file our taxes?
Question posted courtesy of: Reginald
My husband has been out of work and we have separate 401k plans but need to take a lump sum from his plan to help with the bills or we won’t have a place to live.
1. How long does this process take?
2. We want to opt for the 10% and 20% tax and penalty to be taken out before the disbursement. Will we be taxed or penalized again on it when we file our taxes?
Question posted courtesy of: Reginald
