Should You Borrow From a Retirement Plan to Pay for Hurricane Damages?

Should You Borrow From a Retirement Plan to Pay for Hurricane Damages?

Last week, the IRS granted additional relief to victims of Hurricane Harvey by making it easier for 401(k)s and other employer-sponsored retirement plans to give loans and hardship distributions to aid victims. The IRS reminds victims that hardship distributions are still generally taxable and subject to the 10 percent tax on early distributions from retirement accounts. While this might not be the best option, it’s more than likely the only choice available to some victims […]