Hardship Withdrawal Fidelity 2020-2025 Form

Understanding the Fidelity Hardship Withdrawal Form

The Fidelity hardship withdrawal form is specifically designed for individuals who need to access their 401(k) funds under qualifying circumstances. This form allows participants to withdraw money from their retirement savings to cover immediate and pressing financial needs, such as medical expenses, education costs, or to prevent eviction. Understanding the purpose of this form is crucial for anyone considering a hardship withdrawal from their Fidelity 401(k) account.

Eligibility Criteria for Hardship Withdrawals

To qualify for a hardship withdrawal from your Fidelity 401(k), you must meet specific criteria set by the IRS. Generally, you can only withdraw funds for certain expenses, including:

• Medical costs that are not reimbursed by insurance
• Purchase of a primary residence
• Tuition and educational fees
• Preventing eviction or foreclosure
• Funeral expenses

Additionally, you must demonstrate that you have exhausted all other options for funding your needs before applying for a hardship withdrawal.

Steps to Complete the Fidelity Hardship Withdrawal Form

Filling out the Fidelity hardship withdrawal form requires careful attention to detail. Follow these steps to ensure your application is processed smoothly:

1. Gather necessary documents that support your financial need.
2. Log into your Fidelity account and locate the hardship withdrawal form.
3. Complete the form by providing personal information and detailing your hardship.
4. Attach any required documentation that verifies your financial situation.
5. Submit the form electronically or print it out for mailing.

Ensuring all information is accurate and complete will help avoid delays in processing your withdrawal request.

Required Documents for Submission

When applying for a hardship withdrawal, you must provide specific documentation to validate your request. Commonly required documents include:

• Proof of medical expenses, such as bills or insurance statements
• Documentation of tuition costs, such as invoices from educational institutions
• Lease agreements or eviction notices for housing-related withdrawals
• Death certificates for funeral expenses

Having these documents ready will streamline the application process and support your case for withdrawal.

Form Submission Methods

You can submit your Fidelity hardship withdrawal form through various methods, ensuring flexibility based on your preferences. The available submission methods include:

• Online submission through the Fidelity website
• Mailing a printed version of the form to Fidelity's processing center
• In-person submission at a Fidelity branch office

Choosing the right method can depend on how quickly you need the funds and your comfort level with digital versus paper processes.

Fidelity Hardship Withdrawal Terms and Conditions

It is essential to understand the terms and conditions associated with a hardship withdrawal from your Fidelity 401(k). Key points to consider include:

• Withdrawals are subject to income tax and may incur a penalty if you are under age fifty-nine and a half.
• Only the amount necessary to meet your financial need can be withdrawn.
• Future contributions to your 401(k) may be limited for a specified period after a hardship withdrawal.

Reviewing these terms will help you make informed decisions regarding your retirement savings and financial health.