401k Medical Hardship Reimbursement

Hello, 

I left the firm where I began my 401k contributions. Upon leaving, I transferred my 401k balance to Wealthfront. 

I recently deducted the full balance. I have two medical ailments requiring surgery.

Am I to contact my ex-firm to determine whether the medical procedures I'm anticipating will be covered under their hardship deduction? 

Thank you. 

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.

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."

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. 

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.

Thank you all for your quick and insightful responses. @duckthingI regret wording it that way. I meant I withdrew all of the money in my IRA, which I was wrongfully still referring to as a 401k. I now understand I'll pay a 10% early withdrawal fee, plus state and federal tax but I needed the money and I'm prepared to take a short-term hit for hopefully a longer-term gain.