Taylor Made Farm - Support Desk

The Taylor Made 401k plan allows for 2 types of withdrawals.

1. Hardship Withdrawal

    - A hardship withdrawal may be taken in extreme hardship as defined by the IRS when no other sources are available. Currently, the IRS defines a hardship as"

     (1) certain medical expenses;

     (2) costs relating to the purchase of a principal residence;  

     (3) tuition and related educational fees and expenses;

     (4) payments necessary to prevent eviction from, or foreclosure on, a principal residence; 

     (5) burial or funeral expenses; and  

     (6) certain expenses for the repair of damage to the employee's principal residence.

Expenses for the purchase of a boat or television would generally not qualify for a hardship distribution. A financial need may be immediate and heavy even if it was reasonably foreseeable or voluntarily incurred by the employee.

2. In-Service Withdrawals

   - In-service withdrawals are permitted by your plan at age 55 or 20 years of participation. If your plan allows for distributions prior to age 59 1/2, these distributions will be subject to an early distribution penalty of 10% additional tax unless certain exceptions apply. This tax applies to the amount received that you must include in income. Generally, there are restrictions on what dollars are available for in-service distributions. See your Summary Plan Description for more detail.