Guest guest Posted June 11, 2008 Report Posted June 11, 2008 Is anyone familiar with working with a patients 401k plan? We have a patient who will be withdrawing from their plan to cover transplant expenses. The handler of the plan states that there will still be the 20% tax on withdrawl, but I thought if it was a hardship withdrawl this did not apply. Are they correct? Tina Transplant Financial Coordinator Cannon BMT Program 2300 St.,3N Parkview/BMT Oncology Nashville, TN 37203 (615)342-3388 Phone (615)929-2847 Pager (615)342-7641 Fax Tina.@... Quote
Guest guest Posted June 11, 2008 Report Posted June 11, 2008 All tax laws still apply. It is untaxed monies and he will be responsibility for all penalties and taxes.>>> " Tina" 6/11/2008 9:14 AM >>>Is anyone familiar with working with a patients 401k plan? We have apatient who will be withdrawing from their plan to cover transplantexpenses. The handler of the plan states that there will still be the20% tax on withdrawl, but I thought if it was a hardship withdrawl thisdid not apply. Are they correct?Tina Transplant Financial Coordinator Cannon BMT Program2300 St.,3N Parkview/BMT Oncology Nashville, TN 37203 (615)342-3388 Phone(615)929-2847 Pager(615)342-7641 Fax Tina.HCAHealthcare Quote
Guest guest Posted June 11, 2008 Report Posted June 11, 2008 All tax laws still apply. It is untaxed monies and he will be responsibility for all penalties and taxes.>>> " Tina" 6/11/2008 9:14 AM >>>Is anyone familiar with working with a patients 401k plan? We have apatient who will be withdrawing from their plan to cover transplantexpenses. The handler of the plan states that there will still be the20% tax on withdrawl, but I thought if it was a hardship withdrawl thisdid not apply. Are they correct?Tina Transplant Financial Coordinator Cannon BMT Program2300 St.,3N Parkview/BMT Oncology Nashville, TN 37203 (615)342-3388 Phone(615)929-2847 Pager(615)342-7641 Fax Tina.HCAHealthcare Quote
Guest guest Posted June 11, 2008 Report Posted June 11, 2008 You can withdraw for medical for college or to buy a primary residence. Stoops , LCSW, MPA, MSHA, CCMProgram Operations ManagerThe Clarian Transplant Centerswatson@... office fax 401K withdrawlsIs anyone familiar with working with a patients 401k plan? We have apatient who will be withdrawing from their plan to cover transplantexpenses. The handler of the plan states that there will still be the20% tax on withdrawl, but I thought if it was a hardship withdrawl thisdid not apply. Are they correct?Tina Transplant Financial Coordinator Cannon BMT Program2300 St.,3N Parkview/BMT OncologyNashville, TN 37203(615)342-3388 Phone(615)929-2847 Pager(615)342-7641 FaxTina.@... <mailto:Tina.%40HCAHealthcare.com> Quote
Guest guest Posted June 11, 2008 Report Posted June 11, 2008 You can withdraw for medical for college or to buy a primary residence. Stoops , LCSW, MPA, MSHA, CCMProgram Operations ManagerThe Clarian Transplant Centerswatson@... office fax 401K withdrawlsIs anyone familiar with working with a patients 401k plan? We have apatient who will be withdrawing from their plan to cover transplantexpenses. The handler of the plan states that there will still be the20% tax on withdrawl, but I thought if it was a hardship withdrawl thisdid not apply. Are they correct?Tina Transplant Financial Coordinator Cannon BMT Program2300 St.,3N Parkview/BMT OncologyNashville, TN 37203(615)342-3388 Phone(615)929-2847 Pager(615)342-7641 FaxTina.@... <mailto:Tina.%40HCAHealthcare.com> Quote
Guest guest Posted June 11, 2008 Report Posted June 11, 2008 Tina I just heard on the news that if someone can prove that there is a hardship they would not have to pay the penalty and medical issues was talked about as being a hardship. Beverly Antoine, LPN Transplant Financial Coordinator LSU-UMC Laffayette, LA bantoi@... From: TxFinancialCoordinators [mailto:TxFinancialCoordinators ] On Behalf Of Tina Sent: Wednesday, June 11, 2008 8:15 AM To: TxFinancialCoordinators Subject: 401K withdrawls Is anyone familiar with working with a patients 401k plan? We have a patient who will be withdrawing from their plan to cover transplant expenses. The handler of the plan states that there will still be the 20% tax on withdrawl, but I thought if it was a hardship withdrawl this did not apply. Are they correct? Tina Transplant Financial Coordinator Cannon BMT Program 2300 St.,3N Parkview/BMT Oncology Nashville, TN 37203 (615)342-3388 Phone (615)929-2847 Pager (615)342-7641 Fax Tina.HCAHealthcare Quote
Guest guest Posted June 11, 2008 Report Posted June 11, 2008 Thanks everyone! Tina Transplant Financial Coordinator Cannon BMT Program2300 St.,3N Parkview/BMT OncologyNashville, TN 37203(615)342-3388 Phone(615)929-2847 Pager(615)342-7641 FaxTina.@... From: TxFinancialCoordinators [mailto:TxFinancialCoordinators ] On Behalf Of Antoine, Beverly A.Sent: Wednesday, June 11, 2008 9:36 AMTo: TxFinancialCoordinators Subject: RE: 401K withdrawls Tina I just heard on the news that if someone can prove that there is a hardship they would not have to pay the penalty and medical issues was talked about as being a hardship. Beverly Antoine, LPN Transplant Financial Coordinator LSU-UMC Laffayette, LA bantoilsuhsc (DOT) edu From: TxFinancialCoordinators [mailto:TxFinancialCoordinators ] On Behalf Of TinaSent: Wednesday, June 11, 2008 8:15 AMTo: TxFinancialCoordinators Subject: 401K withdrawls Is anyone familiar with working with a patients 401k plan? We have apatient who will be withdrawing from their plan to cover transplantexpenses. The handler of the plan states that there will still be the20% tax on withdrawl, but I thought if it was a hardship withdrawl thisdid not apply. Are they correct?Tina Transplant Financial Coordinator Cannon BMT Program2300 St.,3N Parkview/BMT Oncology Nashville, TN 37203 (615)342-3388 Phone(615)929-2847 Pager(615)342-7641 Fax Tina.HCAHealthcare Quote
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