hardship withdrawal - building their own home

[Guest erisalady]

hello....

what is your opinion if someone is building their home, they own the property ( of course) the work is going to cost approx 30k and they have actual invoices for 10k, but have to have the 0ther 20k of services for the remainder of work.

how would you go about proving that.

also, does anyone have a hardship checklist that you can share

thanks so much!

[masteff]

You need something that documents the expected costs such as estimates, contracts, and retail prices (like in a catalog or printed from a store's website).

If your plan permits more than one withdrawal per year, you could process now based on available documents and then do another later as more estimates and invoices are gathered by the participant.

[Guest erisalady]

You need something that documents the expected costs such as estimates, contracts, and retail prices (like in a catalog or printed from a store's website).

If your plan permits more than one withdrawal per year, you could process now based on available documents and then do another later as more estimates and invoices are gathered by the participant.

thank you very much! getting beat up by a young auditor who has never heard of someone building their own home