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In some states your unemployment benefits would be offset by the disbursement, especially that part of it which was contributed to by your employer. This is generally done in the week received against the week you got benefits.
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This depends on what state you work in. Some are very liberal and others deduct pensions, retirements, Social Security, etc. so you need to contact your own state's employment office to find out what yours would do.
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Some states offset your unemployment by a portion (usually the employer's contribution) and others aren't effected.
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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.
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.)
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.
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
Will drawing on your 401k affect your unemployment in Washington state?
yes. once you withdraw the money it is taxable as income.
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 close your 401k?
can you close out your 401k and still receive unemployment benefits
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.
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.
Can you get unemployment in New Jersey if not working but have a source of other income?
Yes, you can receive unemployment when you have other income. Social Security does not count, but 401K disbursement, pension paid on a monthly basis, or any other income may reduce the amount of unemployment you get by the amount of income you receive. Be sure to report income, as heavy penalties may apply if you don't. Check with the Unemployment Office to find out what qualifies. The Related Link below gives more details.
Can you withdraw your 401K and take unemployment in Delaware?
sorry but no it is almost impossible
Can a judgment be taken from your 401K account in Texas if that is all you have?
Generally speaking, 401k's are protected from judgements.
