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income taxes

401(k) Withdrawals: Debt Relief Or Financial Suicide?

Connecticut readers may be interested in learning that two members of Congress from Georgia have introduced legislation they say is designed to help some homeowners avoid foreclosure, while also costing the government nothing. The legislation revolves around the right of taxpayers to withdraw funds from their 401(k) retirement accounts for application toward mortgage indebtedness. The proposed law would allow 401(k) funds to be used for certain foreclosure expenses without exposing the individual to the 10 percent federal tax penalty for early withdrawal.

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