How thoroughly are eviction notices researched submitted for a hardship withdraw?

[Rod]

Hi everyone,

Straight to the point.  I urgently need a 401K withdraw to cover emergency home repairs. I have no other means to pay for the repairs and they're not for improvements but will not qualify for the home repair hardship due to it's not caused by a disaster.

I'm considering submitting an eviction notice.  Will the 401K admin research the validity? Besides not approving my withdraw, what other actions may they take if invalid?

I realize this may come across as nefarious but I do not have anywhere else to turn and the money is NEEDED for repairs to my home.

Thanks in advance for any advice.

[Belgarath]

I think you'll find that most Administrators will require an eviction notice from the BANK. I don't believe you'll find a bank willing to produce a false eviction notice. While I truly sympathize with your situation, I'm dubious that it will work.

[K2]

Bear in mind that not all plans allow hardship withdrawals.

 

[ESOP Guy]

What you are suggesting is fraud and it is a crime.  Please come up with a different solution. 

Will a 401(k) loan not work/available?

Help from friends/relatives/church...?

 

[CuseFan]

i believe IRS safe harbor definition says to repair damage to your principal residence but does not specify it has to be caused by a natural disaster. if failure to secure these repairs will make your residence uninhabitable and result in "eviction", you might be able to get some documentation from the local codes officer to that effect which might be sufficient for your Plan Administrator. Good luck.

[401king]

What exactly is the damage? Damage resulting from neglected maintenance is not eligible, but that's not to say you have to have gone through a natural disaster to qualify.

[Rod]

Thank you for the replies.

@401king -- my roof was damaged during a storm last year. Received insurance money for the roof but I have interior damage due to water. (electrical, drywall, ceiling etc..)

@sCuseFan -- how do I know if my 401(K) offers the safe harbor option? Because what you described is EXACTLY what I'm facing.

@ESOP Guy -- yeah, I'm not to keen on possibly commiting a crime. It's my hard earning money though.

@kcbrim -- my plan allows for hardship withdraws.

[CuseFan]

check your spd or ask your plan administrator.

 

[TPAJake]

You will likely need a professional estimate of the repairs in order to justify any amounts you request.  You would submit that estimate along with your hardship withdrawal request form to the Administrator.

[BG5150]

Repairs to the home are only allowed for a hardship if the expense is otherwise deductible under Sec. 165 and is not covered by insurance.

[John Feldt ERPA CPC QPA]

3 hours ago, BG5150 said:

Repairs to the home are only allowed for a hardship if the expense is otherwise deductible under Sec. 165 and is not covered by insurance.

Agree. Please note that the "otherwise deductible" is without regard to the 10% limitation.