How Do I Apply For Hardship Withdraw From Rollover IRA Made From My 401K?
The 1st thing I would do is ask a CPA what the result would be for the bottom line for your taxes when you file in April 2009 for tax year 2008. If you cash out (withdraw) you typically pay about 50% in penalties & tax to the government when you do your taxes for 2008. Another altrnative is to “borrow” against your 401K—but the company/bank/investment entity where you have the 401K will tell you if this is possible with the type of 401K you set up. They wil also be the ones to tell you the ways available to access your cash. I’d ask them IF you can borrow or under what circumstances can you take money out of the retirement fund other than reaching retirement age.
