In the letter, you’ll describe your financial hardship and provide supporting documents. It may also be helpful to explain how long you expect the hardship to last and how you plan to resolve it.

When submitting a financial hardship request, the requestor must explain what unexpected change in life circumstance lead to the financial shortfall (e.g., loss of a job/reduction in hours, ...

A hardship withdrawal is a one-time, fixed amount of money pulled from your 401(k), intended to cover what the IRS calls an “immediate and heavy financial need.” Compared with a 401(k ...

To qualify for CNC status, taxpayers generally must demonstrate that paying their tax debt would create significant financial hardship. During this process, the IRS considers several key factors ...

hardship withdrawal if you have an "immediate and heavy financial need." In these situations, the 10% penalty could be waived. According to the IRS, the following as situations might qualify for a ...