What are hardship withdrawals and what do they have to do with taxes?
Md Ariful Islam
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Dr. Md Rushad Rahman
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So hardship withdrawals, depending on the type of account that you're pulling from, are essentially a way for you to avoid additional penalties when you take money out. Outside of a pandemic, this would normally be reserved for things like medical emergencies or trauma. With COVID, there are new rules for this, so check in with your bank or call the state where you live to learn more.
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