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Im 38 and i'm not really concerned about my retirement, so don't panic. The 20k I w/d was only a small fraction of my balance. And not to give people the wrong impression, but money is really not a problem for me. I come from a family of money. Now that said, I DON'T live on Dads money so please...

Okay, I talked to Fidelity and there's no problem with keeping the cash. They say this happens all the time, and there are no additional penalties involved. The money CAN NOT be returned to the 401k.

Remember this was a hardship withdrawal and not a loan. I've heard it's much more difficult to obtain a hardship where as anyone can get a loan if your plan allows it. But that said, it wasn't hard to get the hardship after all.

Good points REW, and I understand what your thinking. I'm really not in alot of debt. The 18k I recieved would pay off ALL my bills and still leave me 10-12k left. I guess I really just WANT to keep this money for some reason. I guess I could reinvest some of it. But, again, I just wanted to...

Great advise all the way around, but still, no answer to my question. I think you people can't comprehend someone would be dumb enough to WANT to take 20k out of their 401k and NOT replace it. I know it's poor, poor, money management indeed, but hey, i'm gonna do something real stupid just this...

Yes, it was within the last 60 days. I applied for $20,000 and recieved $18,000. And applied about 3 weeks ago and recieved the cash a few days ago. Again, let me stress, I DO NOT want to re-invest this cash. I would like to keep it. I'm just wondering about the legalities of not using the...

Does it make a differance? I mean the deal was constructed like a lease/option I guess. But there is no rent involved, 100% of my monthly payment will or would have went towards the ramaining mortgage balance.

I should note, the withdrawal is already complete. The cash was direct deposited into my bank account and remains there today. The mortgage deal has fallen through.

There wouldn't have been any closing or transfer of deed. I was buying this house from an individual, and was planning to make monthly mortgage payments to her.

I'm not really interested in re-investing the cash. I would like to keep it and pay off some other bills. I know it's not smart, but i'm not really concerned about that right now. It was only a small fraction of my 401k balance, and I could really use the cash right now. My question is, if it's...

Yes, they withheld the 10% tax penalty. The rest of the taxes I pay at the end of the year I assume.

What else could I do?? I mean the deal fell through, am i supposed to give the money back? Surly they wouldn't put it back into my 401 would they?

Hello everyone. I had a question about a 401K hardship w/d. I recently withdrew about $20,000 from my 401k to purchase the home i've been renting. The deal ended up falling throught after I had already recieved the cash. In other words, the money will not be used for the intended purpose of the...