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Hardship Withdrawal Rules

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 Hardship Withdrawal Rules

Before you apply for a hardship withdrawal, check to make sure that you meet the following requirements:

  1. You have no other reasonably available resources from which these funds may be obtained, including non-taxable loans from the plan.
    • You must take a loan if you qualify one.  About 401k loans.
    • If you qualify for payment for any other reason (i.e. termination of employment), you can take a normal distribution without meeting the requirements for a hardship. Return to the distribution request and choose another form of payment.

  2. You may only qualify for a hardship for one of the following reasons:
    • To purchase your primary place of residence.
    • To pay the upcoming post-secondary expenses of yourself or your dependents. (Tuition must be due within and not exceed a period of 12 months.)
    • To pay medical and/or hospital expenses for yourself or your dependents.
    • To prevent eviction the eviction from, or foreclosure on the mortgage of your principal residence.
    • To pay for burial or funeral expense for your spouse, parent, child, or tax dependent

  3. The withdrawal cannot exceed the amount to satisfy the need.
    • You must submit proof of hardship, i.e. bills, foreclosure notice, etc.

  4. None of the money you are requesting to withdraw can be subject to a Qualified Domestic Relations Order.
Please remember that, if you take for a hardship withdrawal:
  1. The withdrawal will be subject to normal income tax, plus an additional 10% early distribution penalty.
    • The early withdrawal penalty will not apply when the withdrawal is used to pay medical expenses that exceed 7 1/2% of your adjusted gross income.

  2. You will not be allowed to make any contributions or salary deferrals (if applicable) to any employer plan for at least 6 months after receiving the hardship distribution

Request a distribution or rollover

Request more information: This page outlines your options for distributing your 401k. For more information on withdrawing money from your 401k account, please call a representative of WC Administrators: at (801) 595-1100 or 1-800-748-4865.

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This Site does not, and is not intended to, provide any financial, insurance, legal, accounting, or tax advice, and shall not be relied upon by you in that regard.

The Site is not intended, nor shall it be used by you, as a replacement for personal research or professional advice from a registered financial advisor.

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