Jim Chad Posted June 2, 2014 Posted June 2, 2014 I feel sorry for this lady so I am trying a long shot. Would anyone consider a washing machine and dryer for a Hardship withdrawal? The Plan doc says safe harbor rules?
My 2 cents Posted June 2, 2014 Posted June 2, 2014 A sympathetic haiku: Piles of dirty clothes A whole week's worth of laundry The same as last week Always check with your actuary first!
Guest A_Dude Posted June 2, 2014 Posted June 2, 2014 Sorry, if it doesn't fall under of the checkbox reasons per the Safe Harbor it cannot be approved. You could always amend the document though...
masteff Posted June 2, 2014 Posted June 2, 2014 Only spot to squeeze thru is if she's buying it as a result of a casualty loss (normal wear and tear is not a casualty). And then it depends on how you read the reg which says "for the repair of damage to the employee's principal residence". Even if you went outside the safe harbor and used facts and circumstances, I'd have difficultly approving it w/out other factors (caring for an invalid relative, etc). Laundromats are less common than they were 20 years ago but I know people who use them regularly. Throw the IRS under the bus for having such a narrow definition of what counts as a hardship. Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra
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