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In the state of Illinois must unemployment benefits be deducted from Social Security benefits?
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∙ 13y ago
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Can you collect both unemployment benefits and Social Security in Louisiana?
I believe this answer is slightly incorrect -- "Yes, you can. Under "Non monetary Issues" > "Disqualifications" item (f) on page 5 of the Related Link below, Social Security benefits are excluded from the disqualifying chargeable benefits you receive." As I understand it, people who live in Louisiana and Illinois and receive social security payments and are eligible for unemployment benefits will have money deducted from their unemployment checks. In illinois, half a person's weekly social security payment is deducted from that person's weekly unemployment check. Illinois AARP has made repealing the social security offset law a priority.
Can you receive unemployment benefits and Social Security benefits at the same time in Illinois?
Yes, but unfortunately, Illinois and Louisiana are the only states that have not changed the law that deducts money from unemployment payments to people who also receive social securityHere's the formula in Illinois -- multiply your monthly social security payment by 12 (months). Divide that amount by 52 (weeks). Divide that amount in half and that's the amount that will be deducted from your weekly unemployment payment. If you have a dependent, usually a spouse, the amount might be a little different. But not by much.Realize the unemployment benefits are reduced, not the Social Security benefits. Your Social Security benefits will continue at the expected rate.Example:$1,200 monthly social security payment x 12 months = $14,400$14,400 / 52 weeks = $279.92 / 2 = $139.96eligible for $385 weekly unemployment payment - $139.96 = $245.04 is your weekly unemployment paymentThis unfair law can only be repealed by the State Legislature. Illinois AARP has made it a priority. To help or for more information, please contact Ryan Gruenenfelder at Illinois AARPFor more information, see Sources and Related Links and the Related Question Link, below.
Which four states reduce unemployment benefits if you are also drawing Social Security?
The states of Illinois and Louisiana offset unemployment benefits by a significant portion of a recipient's Social Security benefits. In Illinois, half of a recipient's weekly social security benefit is deducted from the recipient's weekly unemployment payment. In 2010, Utah let its offset law lapse after the state's court ruled against a similar workers comp case on the basis of age discrimination and the territory of Puerto Rico repealed its offset law. Previously, South Dakota and Virginia repealed their offset law, but if their unemployment funds fall below a specific level, those states can deduct unemployment benefits from older workers who receive social security payments. Illinois AARP and Virginia AARP have made full repeal of the social security offset law a priority.
Does unemployment income affect social security payments?
No, it will not affect your Social Security because unemployment has to do with loss of job benefits and the other was taxes deducted from your pay check for use in your retirement. You can even collect Social Security while you are working, if you wanted. However, collecting Social Security may affect your unemployment compensation (at least in Illinois, Louisiana, Utah, and Virginia). These states have an "offset law" whereby using a formula they reduce your unemployment by some amount adjusted because of the SS.
What percentage of money is taken out of paychecks in Illinois?
The Related Link below gives tables of benefit payout and other data for Illinois. How much? In general, unemployment benefits are based on an individual's earnings in the base period. As of January, 2010, IL benefits ranged from $51 to $385 (with non-working spouse, from $66 to $458 and with child, from $92 to$531) Unemployment insurance benefits in Illinois pay a percentage of your previous wages. If you have a dependent or a child/children, you may be awarded extra. If you are a recipient of Social Security, Illinois will reduce your unemployment benefit by 50% of your SS benefit. You determine that by taking the monthly SS payment, divide that by 30 and multiply the result times 7 for the amount that 50% of is then deducted from your weekly unemployment benefit. Other benefits are also deduct from this benefit.
Can you collect unemployment benefits in Washington state if you own rental property?
Having rental property assumes receiving rent, which makes you "self-employed". Referring to the section "What Can Be Deducted From My Benefits" in the Related Link below, you must report the income and it would be deducted an a prorated basis from your unemployment benefits.
What is Virginia unemployment benefits eligibility with lump severance?
Your unemployment benefits, for the week you receive the lump sum severance, will be deducted by the amount of the payment, from your benefits. Otherwise, it will have no effect. See the Related Link below.
Are your Social Security benefits deducted from your unemployment benefits?
Most states no longer penalize Social Security recipients with unemployment offsets, but five states -- Illinois, Louisiana, South Dakota, Utah and Virginia -- currently reduce weekly unemployment benefits by 50% of your prorated monthly Social Security check. South Dakota and Virginia have repealed their offset laws, but still have a provision allowing them to deduct Social Security benefits from unemployment checks when state unemployment funds fall below a pre-determined threshold. The long recession and high unemployment rate triggered the offset in both states.
Can overpayment unemployment debt be taken in tax refund?
Yes. Unreturned unemployment benefits overpayments may be deducted from your federal income tax refund.
Can you elect not to have unemployment taken out of your check?
Unemployment benefits are not deducted from payroll checks in any of the states. The businesses pays the premiums through payroll taxes to the state, which, in turn, pays the benefits to its recipients.
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 unemployment in Kentucky if you have a pension?
You can still draw unemployment while having a pension provided you meet all other qualifications. The amount of the pension will probably be deducted from your UI benefits, however.
