401k withdrawal, not a loan. I will go on leave with no pay and need the funds.
hey everyone, I plan to give birth next in July and I will be on leave with no pay. However I have some bills that NEED to be paid so I was planning into digging out of my 401k I know it is probably not the best idea but I really need to pay this off to be stress free during my leave and after giving birth. I plan to withdrawal from my previous employer where I have 52k but I plan to only take 5k to pay off some loans with high interest rates. So my question here is, I know it counts as taxable income.. would it only be the 5k I would get taked on? for content I only make 44 a year with no state tax and based on other research it would only be $500 roughly on how much I would get taxed on? Also does giving birth count as a hardship to avoid the penalty?????