Does the IRS care if an early withdrawal is due to hardship? Is it something you can report on or put in your filings? I know a few that didn’t want to withdraw and probably won’t make the 60 day grace period to replace the funds(I have been told there is a 60 day grace, please don’t quote me if right/wrong)
IIRC, there are different rules if you are over 59.5 years old compared to younger.
ā Does the IRS care if an early withdrawal is due to hardship?ā
Iām not sure, but I think it has to do with deferred taxes. If you have to withdraw early, but claim hardship, you can defer the tax on the early withdrawal.
Talk to someone who stayed in a Holiday Inn Express.