I have just been laid off. Can I use my 401(k) for living expenses now and report it as income next year?

Personal Finance, 401(k)
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November 2016
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I am sorry that you have been laid off. You could take early distributions from your 401(k) to cover living expenses. The distributions will be taxable in the year that you have taken them as income. In addition, you will owe an early withdrawal penalty of 10%.

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