Does the Carry Solo 401k allow hardship withdrawals?

Yes, the Carry Solo 401k Plan supports both loans and hardship withdrawals.

About the solo 401k hardship withdrawal

A hardship withdrawal allows you to take an early distribution from your plan (before you reach the age of 59½) without being hit with a 10% early distribution penalty from the IRS.

Eligible reasons for taking a hardship withdrawal.

  • You become disabled

  • You pass away and your solo 401k is transferred to your beneficiary

  • You need the funds to prevent being evicted or having your home foreclosed

  • Funeral expenses

  • Higher education costs

  • Uninsured medical expenses

  • Purchase of a primary residence

  • Repairing your primary residence

Not all cases are eligible and your plan provider will need to assess each application case-by-case.

Contact us

If you need to take out a hardship withdrawal, reach out to or contact us through live chat and we'll work with you as needed to get the appropriate forms signed.