If you need to take a hardship withdrawal from your 401(k) at Guideline, you can submit a request directly from your Guideline dashboard. To do so:
Click on the Transfers button in the main navigation.
Within the menu, select Take money out. Then, click the “Withdraw or borrow” option.
Enter the purpose or reason for your hardship withdrawal request.
Input the amount you would like to withdraw, then hit the “Calculate” button.
You’ll then be presented with all the withdrawal options available to you, as well as important information about each. If you’re eligible for a hardship distribution, select that option on the page. In the event you are not eligible, that selection will be grayed out, and you’ll see an explanation of why.
If you're eligible to move forward with a hardship withdrawal, you’ll be provided with important terms or details regarding the distribution. Once you’ve read through the information, click the button to move forward, and you’ll be guided through the application process.
After submitting a hardship withdrawal request, you can keep track of the status by accessing the Activity page under the Transfers menu. You’ll also receive email notifications as you hit different milestones in the process, such as when your application has been approved or when the funds are on the way.
Hardship withdrawal timeline
Once Guideline receives your hardship withdrawal application, it can take up to 7 business days for us to review your request.
You’ll receive an email notification to let you know if you’re approved. If so, you’ll also receive a final notice when your funds are on the way.
Please expect about 7-10 business days to receive checks through USPS mail. If you elected to receive the funds via direct deposit or ACH, please allow 2-3 business days for the funds to settle in your bank account.
Documentation needed for the application
You do not need to submit any documentation with your application to prove that you meet all of the qualifications to take a hardship withdrawal. As part of the application, you will certify that you meet all of the requirements to receive a hardship withdrawal.
You will be responsible for saving any documentation necessary to prove that you met the requirements (e.g., bills, invoices, legal documents) and providing such documentation in case of an IRS audit.