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In most cases, yes you could draw both, as it would be a non-deductible from your benefits compensation. As each state has different rules, check with your state's unemployment office for verification.

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14y ago
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14y ago

It is a permissible source of alternate income while drawing unemployment compensation. I speak from recent experience. I received a lump sum payment of about $11,000. By Indiana's calculations, my payment was reduced $12.00 a week. It involved how much the employer contributed over the total period, divided by the number of weeks. You must reaffirm that you are not retired and still willing to work. (Those questions are asked again after you enter in "is there a change in your retirement benefits?") It is complicated and it usually holds you up a week or two. Then the letters explaining it come after it's all resolved.

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16y ago

I did in Ohio and it stopped my unemployment payments for a few months. They figure out how long it stops it.

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13y ago

Page 7 of the Related Link below indicates there may be a reduction for some retirements, pensions, etc. So please check it or contact Arizona's employment security office for clarification.

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Q: Can you DRaw out your 401k while receiving unemployment benefits?
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Can you receive unemployment benefits while receiving 401k benefits in Texas?

Yes, but it is possible that Texas MAY deduct from your unemployment benefits that portion of your 401k that was contributed by the employer. Check the Related Link below and the Texas 'office to determine their criteria.


Can you draw 401k and unemployment in Florida?

if i am getting unemployment benefits in florida and take money from my 401k does that disqualify me from unemployment benefits


Can you receive unemployment benefits while receiving 401k benefits in California?

Apparently, the money you put in a 401K Plan and withdrawn would not be deducted from unemployment benefits, but possibly that contributed by the employer may be deducted. It is best to contact the unemployment office and find out for sure. The Related Link below gives more detail. 401K is similar in many respects to pension payments


Can you draw out your 401k while receiving unemployment benefits in Louisiana?

No, because if you are fired in Louisianna, you can still get a job if it is in another county.


Can you close your 401k?

can you close out your 401k and still receive unemployment benefits


If over 60 can you get unemployment while getting 401k payment?

Some states vary but My understanding is you can IF the amount from the 401k is not larger than your unemployment benefit payment.


Will 401k distribution affect unemployment insurance in CT?

To the extent that your 401k distribution includes Employer contributions, a percentage of the distribution would be used to offset your unemployment benefit. If there are no Employer contributions there would be no effect on your benefits.


Does your employer report your 401k payment to unemployment?

If your state requires 401K payments figured in with your wages or income received during your benefits period, then yes, otherwise I think not.


What to do with 401k after layoff collecting unemployment?

can you collect unemployment and make withdrawls from a 401k when 591/2 in maine


Can you collect unemployment and a pension in Ohio?

Apparently several claims were appealed, in Ohio, concerning unemployment and 401ks. The 401k is considered a resource for the claimant, but it does not prevent applying for benefits, per se, it seems to cause adjustment to the benefits.


Does withdrawl of 401k affect unemployment in Indiana?

The laws regarding the impact of 401K disbursements can vary by states. As with most states, it can impact your unemployment benefits in Indiana, depending on the specifics of your 401K. Depending on whether or not you were fully vested, reporting a 401K disbursement can delay your unemployment benefits. If you are not fully vested, then your 401K withdraw is exactly the same as withdrawing money from a bank account, cashing in a bond, or any other financial instrument. In other words, you are withdrawing and paying taxes on money already earned from that employer. However, if you're fully vested you would be taking money that your employer matched, in addition to money you already earned. In this case, the amount of your 401K disbursement would be divided by the amount of weekly unemployment benefits. The number of weeks you come up with when you divide your disbursement by the amount of weekly benefit, will delay your unemployment benefits until that number of weeks have passed. I am not attorney, but I did stay in a Holiday Inn Express last night. :P Actually, I asked a friend of mine who is a 3rd year law school student and he said this is how he understands it. (I.E. - if the money is all yours it shouldn't impact unemployment benefits, but if you're fully vested and taking your money plus additional employer matching funds it will delay it.)


Can you rollover your 401k into another plan and still collect unemployment?

Yes. If you're unemployed and otherwise eligible for unemployment payments, a rollover of 401k assets does not change that.