Wondering if anyone has done this. I didn't even realize this was an option, but saw today that I can take up to $6,000 out of my 401k for Hurricane relief with no paperwork or proof of hardship (and only a 10% tax rate). I live in the heart of Florida where Irma came through. The property didn't have any real major damage, but there are some upgrades I want to do. Would I be able to use this Relief withdraw for some upgrades?
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Did you see the following regarding the hurricane Irma relief?
For a complete list of eligible localities, visit https://www.fema.gov/disasters. To qualify for this relief, hardship withdrawals must be made by Jan. 31, 2018.
If you participate in a full-time employer 401k plan, you will need to coordinate the distribution with your employer plan provider.
On the other hand, if you participate in a self-employed solo 401k plan, you will need to consult with your solo 401k plan provider to help navigate and coordinate
We have had some clients in affected areas utilize the relief programs. Check with your plan administrator or qualified advisor on what options might be available to you.
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