If there is an emergency, like losing your house, can you cash in your 403(b), 401(K) without penalities?

if there is an emergency, like losing your house, can you cash in your 403(b), 401(k) without penaltiesss.|||Unfortunately not. You can take a hardship withdrawal, but you will still be subject to penalties and paying the income tax at your current tax rate. The only way to skirt around penalties is for qualified education expenses, qualified medical expenses, and first-time home buyer. Your best bet is to consult a tax advisor. I hope this helps!|||no, penalties will be 10% federal and depends on your state what %, (calif is 2 1/2)|||There is a hardship provision, but that just takes care of the 10% penalty, NOT the income taxes. There is no way around that part.|||You can take a hardship withdrawal, but that doesn't change the penalties unfortunately. This should be your last resort.|||No.|||No.





The "hardship" provisions in 401k/403b plans allow you access to the money but they do not alleviate any of the taxes or penalties.





There are no exceptions to pay the tax and there are a few exception to paying the 10% penalty but losing your home is not one of them.