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Showing content with the highest reputation on 06/04/2019 in Posts
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401k Medical Hardship Reimbursement
JY36 and one other reacted to Luke Bailey for a topic
JY36, if you were not 59-1/2 when you received the distribution, make sure that when you file your 1040 for the year of distribution you check whether the IRC sec. 72(t)(2)(B) is available to get you out of the 10% premature distribution penalty.2 points -
401k and TSP deferrals
loserson reacted to mjf06241972 for a topic
Thank you!1 point -
Does the plan document allow terminated participants to roll into the plan? Our current VS document has an option to allow terminated employees to roll in. We don't use that provision, but it is an option. Prior versions of our documents only allowed employees to roll amounts in. Now, if she rehires ...1 point
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FYI Hardship does not mean that you do not pay taxes or penalties. A lot of folks seem to think taht Hardship means it is exempt, but really its purpose is to allow current employees a means of accessing 401k funds while employed.1 point
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If you rolled over the balance from your old 401(k) to an IRA at Wealthfront, you'll need to contact Wealthfront about taking a distribution from it. I'm not sure what you mean by "deducted the full balance."1 point
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401k Medical Hardship Reimbursement
rr_sphr reacted to ratherbereading for a topic
I'm not sure what your former employer's legal plan document says, but I work for a TPA and all our documents don't allow hardship withdrawals by former employees.1 point
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