Jump to content

Congress may let you take $100,000 from your 401(k)


tacobell fan

Recommended Posts

  • The Senate is battling over a coronavirus relief bill, including a measure that permits affected savers to take a hardship withdrawal of up to $100,000 from their 401(k) retirement plan.
  • You would be able to make the withdrawal without the 10% penalty that normally applies to those who are under age 59½.
  • You’d still be on the hook for any income taxes on the amount. However, the measure would give you three years to pay those taxes and replace the money you took out.
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...