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You could take money out of your IRA at any time (well, maybe, it depends on the exact form of the IRA, so you might want to talk with a tax professional and/or investment counselor first), but if you do so before retirement there are penalties (in the form of extra taxes) for doing so. If you're getting regular payments from your IRA, that implies you're "retired", thus not actually looking for work and therefore ineligible for unemployment compensation.
Wiki User
∙ 13y ago
Wiki User
∙ 12y agoYes, though you will have to take an early withdrawal penalty and pay income taxes on the amount you withdraw.
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Can you collect unemployment in New York city and contribute to an IRA your parents are legally able to give you a 'gift' of 12000year and you want to put it in an IRA without jeopardizing your unempl?
Your problem is that you can only contribute $2000 or so to an IRA and you have to have income to do it. The remainder of the gift will count as income, and that will not coexist with your unemployment. Perhaps they could keep the gift until you find a job. They won't get the same tax writeoff, but maybe that will work.
Can you collect unemployment benefits and withdraw from your IRA in Kentucky?
To qualify for unemployment compensation you have to have lost your job through no fault of your own, or quit with justifiable reasons. You also have to be ready, willing, and able to go to work immediately in a full time job which you are required to be seeking. Maternity leave under those conditions does not seem to apply.
If you do not contribute to your 401-k can you contribute to an IRA?
You can contribute to both a 401K and an IRA at the same time (same year).
Can you draw retirement and draw unemployment to?
You can draw unemployment and Social Security at the same time in all states (4 states will offset your unemployment by a portion of your SS benefits). All states have separate requirements, though, when it comes to pensions, 401k's, IRA's, etc. so you need to contact your own state regarding those non-SS type of retirement programs.
Is a 457 IRA tha same asa roth IRA?
No, a 457 IRA is no the same as a Roth IRA. A 457 IRA is a type of retirement account that holds money pre-tax, so when the money is withdrawn in retirement, it is taxed as income at that time. A Roth IRA is funded with after tax dollars, and taxes are not assessed at the time of withdrawal.
Can you have an IRA and participate in an ESOP at the same time?
Yes
Can an IRA be used to pay for child support arrearages?
The State can place a lien on an IRA to collect child support arrearages, yes.
how do you calculate your ira for tax time?
how do you calculate your ira on tax time how do you pat taxes on a ira
Can you collect unemployment if you are age 62?
I was layed off one month after my 62nd birthday and I am collecting unemployment. I live in New York so it is legal here. Check with your state unemployment office as all states have different laws and regulations.
Is a 401K the same as an IRA?
A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not.
What is best way to collect an IRA?
you can take out of an IRA whenever you want but he warned:, if you are under 59 1/2, it could cost you That's because the government wants to discourage you from raiding your IRA until you're retired.
Can you roll a traditional IRA into a simple IRA?
A Savings Incentive Match Plan for Employees individual retirement account, or SIMPLE IRA, allows small business owners to set up a retirement plan for employees without the paperwork involved in establishing a 401k plan. It's possible to make contributions to a SIMPLE IRA, traditional IRA and a Roth IRA at the same time, although it's not always wise to do so.
