According to the IRS, you're generally not able to withdraw funds from a 401(k) plan prior to age 59½. Some exceptions exist, including disability of the plan participant and certain medical expenses, according to the IRS. These qualifying situations are exempt from the 10 percent tax penalty.

The IRS notes, however, that some plans may choose to offer additional hardship distributions for certain situations. If offered by your plan, these hardship distributions enable early withdrawal of funds subject to a 10 percent penalty as well as state and federal taxes. These hardship distributions must be used to fulfill an "immediate and heavy" financial need as defined by the IRS and must not exceed the cost needed to pay for the obligations. Qualifying hardship withdrawal scenarios, according to the IRS, include:

Funeral expenses for the plan participant or immediate family members.
Medical care expenses for the employee, dependents, or immediate family.
Certain expenses necessary to repair a primary residence or to avoid eviction or foreclosure on the mortgage of that primary residence.
Certain tuition or educational costs for the employee, dependents, or immediate family.

Depending upon the plan, additional hardship expenses may be covered. Check with your plan provider for further information on qualifying hardship withdrawals from your 401(k) or IRA plans.