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I lost my job and have submitted papers to withdraw my pension contributions. I will receive a check with me as the payee. Will this affect my eligibility for unemployment benefits in California? If it would, could I correct that by rolling it into an IRA with the 60 days allowed before having to claim it as income, per California tax law?
No, your pension income is for supporting you and your family.
Sure you can, but your unemployment benefits will be clawed back. It will also negatively affect your total taxes.
Yes, he can, but he will be paying income tax on both types of income. If he finds a job in some other company then the pension will be exempted from tax.
Apparently, if your pension is greater than the weekly unemployment benefit, you could not collect. However, it seems if your pension or other income is less than the benefit there would be a reduction to reflect the difference. See the Related Link below for more details.
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.
Pension income are those income that the employee received after their retirement from job.
No, it's considered an exempt income.
Do California residents pay state income taxes on their Rairoad Retirement pension under the Railroad Retirement Act?
Generall not since unemployment benefits are related to earned income from losing a job.
Yes, unemployment IS income
Any income you receive (which all must be reported) will affect your benefits in the week received.