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This answer is from If I lose my job and have no income can I withdraw from my 401K without penalties?

FiLife Contributor

12 months ago

If you're just simply making a withdrawal - and not a loan as Erin mentioned - you will be subject to tax at your regular rate plus, in most cases, a 10% penalty. If you qualify for a 401k hardship withdrawal, the penalty will still apply. There are some exceptions but those don't seem to apply here.

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