Webster Dictionary(3.00 / 1 vote)Rate this definition: Ballad(noun) a popular kind of narrative poem, adapted for recitation or singing; as, the ballad of Chevy Chase; esp., a sentimental or romantic poem in short stanzas.
If you make an early withdrawal from a qualified retirement plan, the amount is added to your gross income (unless you meet one of the early withdrawal exceptions). As part of your gross income, you will owe tax on the distribution at your normal effective tax rate.
If you have a permanent disability you can withdraw from your 401k early and get the money you need. Youâll have to provide a disability letter to your 401k custodian so that they will not hit you with the 10% penalty. You read more about 401k hardship withdrawal rules in another post.