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 support@carrymoney.com or contact us through live chat and we'll work with you as needed to get the appropriate forms signed.