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After you leave your company, you can transfer the 401(K) to a brokerage as a rollover IRA. While you are still working, it is generally NOT allow to move the 401(k) fund. You may want to contact your 401(k) administrator.
Under special hardship cases, you may borrow from your 401(k) and pay back at later days.
This depends on your specific 401(k) plan. As YBB mentioned, some plans allow in-service withdrawals while others do not. You may want to check the 401(k) Summary Plan Description or contact your HR department.
My 401(k) Summary Plan Description states:
If you are age 59½ or older and still actively employed by company or a related company, you can take a withdrawal from your pre-tax accounts once a year. There are no early withdrawal penalties for this type of distribution. You may roll over a pre-tax distribution to another eligible retirement plan or traditional or Roth IRA.
If you are age 59½ or older and still actively employed by company or a related company, you can also take a withdrawal from your Roth after-tax account once a year. There are no early withdrawal penalties for this type of distribution. You will also not be taxed on distributions of your Roth after-tax contributions, and the earnings on those contributions will not be taxed if the distribution is taken after you have had a Roth after-tax account in the Plan for at least five years.
Comments
Under special hardship cases, you may borrow from your 401(k) and pay back at later days.
If "individual 401k" means "Solo 401k", different rules may apply.
As YBB mentioned, some plans allow in-service withdrawals while others do not.
You may want to check the 401(k) Summary Plan Description or contact your HR department.
My 401(k) Summary Plan Description states:
If you are age 59½ or older and still actively employed by company or a related company,
you can take a withdrawal from your pre-tax accounts once a year.
There are no early withdrawal penalties for this type of distribution.
You may roll over a pre-tax distribution to another eligible retirement plan or traditional or Roth IRA.
If you are age 59½ or older and still actively employed by company or a related company,
you can also take a withdrawal from your Roth after-tax account once a year.
There are no early withdrawal penalties for this type of distribution.
You will also not be taxed on distributions of your Roth after-tax contributions,
and the earnings on those contributions will not be taxed if the distribution is taken
after you have had a Roth after-tax account in the Plan for at least five years.