Does the IRS have a Heart?

While taking money early from a workplace retirement plan is generally a no-no, victims of Hurricane Harvey now have that option.

The Internal Revenue Service last week that 401(k) plans and similar plans may permit participants to take loans against their accounts or make hardship withdrawals if they or family members have been affected by the flooding and destruction from Hurricane Harvey. Penalties still apply, so make sure to consult with your tax professional about this.

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