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UPS Retirement Topics
Has Anyone Successfully Taken Out A 401K Hardship Loan?
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 1627202" data-attributes="member: 12570"><p>Are we talking about a loan, which has to be repaid, or a withdrawal, which does not and would be considered income for tax purpose?</p><p></p><p>I have taken out 8 loans to pay my portion of our children's college expenses. The paperwork required was minimal-----all I had to submit with the application was a bill from the school.</p><p></p><p>I would imagine the bill for a hardship loan or withdrawal would be much more comprehensive.</p><p></p><p>I would also imagine that fertility treatments would not be considered a <strong>hard</strong>ship. (pun intended)</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 1627202, member: 12570"] Are we talking about a loan, which has to be repaid, or a withdrawal, which does not and would be considered income for tax purpose? I have taken out 8 loans to pay my portion of our children's college expenses. The paperwork required was minimal-----all I had to submit with the application was a bill from the school. I would imagine the bill for a hardship loan or withdrawal would be much more comprehensive. I would also imagine that fertility treatments would not be considered a [B]hard[/B]ship. (pun intended) [/QUOTE]
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Has Anyone Successfully Taken Out A 401K Hardship Loan?
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