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Wanting to take money out of 401k, does there need to be a reason?

Asked by AshlynM (10684points) March 16th, 2017

Planning already on talking with my bank about withdrawing the money from my 401k, but curious if I have to tell them the reason for withdrawing? Also, do other people have to be notified, like IRS or any beneficiaries?
I’m aware there’s a penalty for early withdrawal.

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