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401K Hardship Withdrawals?

soxfaininfl
Frequent Contributor

401K Hardship Withdrawals?

I have made 2 harship withdrawals to pay for my son's education expensens in the past 6 months and both times I wasn't asked to submit the proof (even though it initially says to have some before I make the reqeust). Do they come back later to ask for it? If they do how much later? I just want to know if I need to save the proof of the expenses and for how long? My 401K is throuh Fidelity.









Message 1 of 4
3 REPLIES 3
pizzadude
Moderator Emeritus

Re: 401K Hardship Withdrawals?

Yes, I'd keep the supporting documentation along with any other receipts, bank statements, etc. you'd need to support filing your taxes.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 4
Anonymalous
Frequent Contributor

Re: 401K Hardship Withdrawals?

It's an IRS issue, I don't think Fidelity cares. Strongly recommend starting your taxes very early this year. If there's some paperwork you need to get, April 13th would be a very bad day to find out. And like all other tax stuff, you should keep it for a minimum of 7 years.

 

Message 3 of 4
mommydiva
Frequent Contributor

Re: 401K Hardship Withdrawals?

I have my son's 529 with Fidelity. Although this isn't a 401K, whenever I've called in to request withdrawals to pay his tuition,  they simply ask the reason for the distribution. To date,  Fidelity hasn't asked for any documentation.

Message 4 of 4
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