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Old 12-29-2011, 01:17 AM
 
Location: Florida
37 posts, read 30,603 times
Reputation: 16

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Serious question: After being let go in June, I qualified for and received unemployment benefits in Florida. A month later I cashed in an almost entirely employer funded 401k for about $1,200 (I understand the income tax ramifications of this, as I have done it before). I didn't report it when I was claiming my weeks, because I didn't think I had to! There's not even a space for it when you claim your weeks online! (i,e. have you received any money from other sources / IRAs or pensions).

I later found another job and was let go after 2 months. I loved the work, but the office politics were so bad. I never would have quit, but they just felt "I wasn't a good fit" and let me go before their 90 days was up. (Two jobs in one year, ugh).

Anyway, I re-opened my benefits in early December. I will probably qualify for the rest of my benefits based on that separation (I should have 9 weeks left).

My concern is that my case is still under review, and I still haven't received a dime. One of the things being reviewed is "the IRA withdrawal" ~ when I re-opened my claim, I reported it as asked.

Now it has me worried to death! Why is it being reviewed? Was I supposed to report it to unemployment when I got it? It didn't seem like it, or I would have! I've done a lot of worrying and researching and some say no, it shouldn't matter because it's not "new income", others say definitely, benefits will be reduced by that $1,200 withdrawal. I'm so worried that it will reduce my benefits, disqualify me, and that I'll have to pay it back. I'm almost broke! Help! Does anyone know?

Been looking for a job all month, no luck, can only hope it gets better after the first of the year

Thanks so much!
Candace
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Old 12-29-2011, 11:28 AM
 
Location: Wisconsin
14,380 posts, read 19,160,414 times
Reputation: 6878
You didn't have an IRA withdrawal. It was a 401k withdrawal. There is a difference. 401ks often have employer contributions. In that case, your state may say it was an employer-funded retirement withdrawal - even though the employer contribution was small. In some states that will affect your benefits dollar for dollar. FL is one of those states. In other words, if your benefit is $200/week, you will need to wait six weeks before collecting benefits. This withdrawal will not void your claim, but it probably will delay the payments. You should still receive the total amount of benefits due you, just not right away.
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Old 12-29-2011, 12:33 PM
 
Location: Florida
37 posts, read 30,603 times
Reputation: 16
Thank you so much.

Candace
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