[Yosemitest]

I called and spoke to some tax CPAs.
They said the same thing.

There are two ways to avoid paying the penalty.
1. Apply and receive a "Hardship Distribution" (CPAs said this one is hard to get)
"it must contain specific language defining what constitutes a distribution on account of an "unforeseeable emergency." "

2. Take a "a 72T, “equally substantial distribution” "

Click on the links above for more detailed information.

[MrB]

My balls... they got ‘em...

I’m not 55.

You can take out your IRA money, pay them penalty and the tax, but the 401k (current employer), well, you’re stuck.

[Bloody Sam Roberts]

72t Ping.

[SueRae]

Thank you!! I also have a call to make an appointment with my accountant. I’ll be getting laid off next month (end of the month) and I’m 57. I knew there were ways to do it..I just have to work the details. (note - I actually volunteered, it was going to come anyway...after 31+ years in the same company, I’m ready)

Good luck to you.

[jdsteel]

Depending on your age a 72T will not permit much to come out per year, and will last at a minimum of 5 years for payout. Really not much help.