Tax Relief Experts – Lower Your Tax Debt Today!

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401(K) Withdrawal Penalties


401(k) Withdraws Penalties

What is it?

Let us remember that a hardship withdrawal is not like a plan loan. The withdrawal may be difficult to get, and costly if you receive it. The purpose of the 401(k) is meant to provide retirement income. It should be a last-resort source of cash for expenses before then. However, the reality is that many people make an early withdrawal from their 401(k), because of financial hardship, and now they owe penalties to the IRS.

If you find yourself in that situation then you must know two important things. The first on is that you are not alone! There are many people out there that found themselves in a financial pinch and tapped into their 401(k) but for a great cost. The second thing that you must know is that there is help for you.

What can we do?

There are many options available if you cannot pay your taxes and/or penalties owed from early withdrawal of a 401(k). It’s also important that you don’t pay penalties to the IRS unnecessarily. Even if the IRS is justified in imposing them, penalties can be “abated” – completely or partially removed. The IRS has a broad definition of abatement, with the requirement that you meet one of these three basic reasons:

  • Reasonable cause
  • Administrative waivers
  • A mistake by the IRS

We have experience with penalty abatement. We can save you thousands of dollars and get your tax debt resolved quickly by helping you reduce your IRS penalties.

  • What are you waiting for. Give us a call today at (844)281-5211 for a free consultation with one of our friendly settlement officers.

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