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Hi! :)

I was wondering if anyone could tell me if I would be able to take a hardship withdrawl for a downpayment on a house? If so, how much of the account would I be able to take? The whole thing, half, or some other percentage? Any and all advice is appreciated.

Thanks.

JoeMorgison
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if I would be able to take a hardship withdrawl for a downpayment on a house? If so, how much of the account would I be able to take? The whole thing, half, or some other percentage? <<<<<<<<<<<<

You can probably get a hardship withdrawal but it depends on your plan. You need to check the plan documents and determine whether ANY hardship withdrawals are permitted and, if so, whether the plan permits them for purchases of a house. The tax regulations permit that but it is not mandatory and plans do not have to permit it. The same with the question about how much you can take - it depends on the plan requirements. The regulations would permit (but not require) the plan to allow you to take up to the amount necessary to alleviate the hardship. You will also probably be required to cease contributions for a year. Again, its a plan issue that you will force you to ask for copies of the plan document or at least the summary plan description (which you should already have).
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