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I need a little bit of direction. I need to request funds…

Hello, I need a...

Hello, I need a little bit of direction. I need to request funds from my 401a retirement account but the university won't allow me to withdraw anything from it. I am trying to buy a home and need this for the down payment. Is this something that I need an attorney for?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Colorado

Lawyer's Assistant: What steps have you taken so far?

None really....I've only really pulled the forms needed to make the withdrawl. I just don't know who needs to sign them.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I'm not sure what else is needed??

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Answered in 2 minutes by:
3/22/2018
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 46,339
Experience: 30 years in civil, probate, real estate, elder law
Verified

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Hardship withdrawals** may be available for the following reasons:

  • Purchase of your primary residence.
  • Qualified post-secondary education expenses for the next 12 months.
  • Prevent eviction from or foreclosure on your primary residence.
  • Pay for qualified non-reimbursed medical expenses.
  • Burial or funeral expenses for the employee's deceased parent, spouse, children or dependents.
  • Expenses for repair of damage to the employee's principal residence that would qualify as deductible casualty expenses (without regard to the 10 percent "floor" for deductibility).

You must first exhaust all other loan and withdrawal possibilities before requesting a hardship withdrawal.

You may want to try to meet with these folks face to face to show its primary residence and you have exhausted all other loan possibilities and thus its a hardship need.

I appreciate the chance to help you today.Thanks

If you can positive rate 5 stars it is much appreciated.

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Customer reply replied 1 month ago
I appreciate your response. This is where I am having trouble on who to meet with and also getting my paper work signed, I have all the paperwork necessary to prove that this is for my primary residence. I don't know where to go from here.

Employer should have contact information for the 401k institution here.You have the documents, you just need contact information.HR should have that you aren't the first person that used such a loan.

Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 46,339
Experience: 30 years in civil, probate, real estate, elder law
Verified
Ray and 87 other Legal Specialists are ready to help you
Ask your own question now
Customer reply replied 1 month ago
Thank you.

Have a great evening.

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Ray
Ray
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Category: Legal
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