Do I have to fill out a W-4 for a hardship withdrawal from my 401(k)?

Nov 30, 2017

I took a hardship withdrawal of $2,700 out of my 401(k) to pay off a funeral. I indicated “no” to the question, “Do you want to withhold the 10 percent additional income tax?” Does this mean I need to fill out a W-4?

There is no need for you to fill out a W-4, as this was a one-time withdrawal. You will only need a W-4 if there are going to be consistent withdrawals. 

For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.

Answered by: Colleen S. Krcelich, CPA, is an adjunct professor at Northampton Community College in Bethlehem, Pa. 

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