Carry Help Center

Does the Carry Solo 401k allow solo 401k loans and hardship withdrawals?

Yes, the Carry Solo 401k Plan supports both loans and hardship withdrawals.

About the solo 401k loan

A solo 401k loan lets you borrow up to 50% of your account’s cash balance up to a maximum of $50,000, with a typical repayment period of 5 years.

About the solo 401k hardship withdrawal

A hardship withdrawal allows you to take an early distribution from your plan (before you reach the age of 59½) without being hit with a 10% early distribution penalty from the IRS.

Eligible reasons for taking a hardship withdrawal.

  • You become disabled
  • You pass away and your solo 401k is transferred to your beneficiary
  • You need the funds to prevent being evicted or having your home foreclosed
  • Funeral expenses
  • Higher education costs
  • Uninsured medical expenses
  • Purchase of a primary residence
  • Repairing your primary residence

Not all cases are eligible and your plan provider will need to assess each application case-by-case.

Contact us

If you need to take out a solo 401k loan or a hardship withdrawal, reach out to support@carrymoney.com or contact us through live chat and we’ll work with you as needed to get the appropriate forms signed.