Will Drawing Out My 401k Affect My Unemployment Benefits?


Answer:
The only thing that affects your unemployment benefits is a duty,so no your 401K withdrawal will not affect your unemployment.....good luck
Comment: Are you sure roughly this? I am needing to do the same thing and I maintain hearing conflicting answers It makes sense that it would not affect it because you still have no opening
Answer: Yes it will effect your unemployment.  They will take the GROSS amount that you are cashing out ( including what you contributed, even though it is money you already earned, and what your employer contributed) and stop your payments.  For example, if you bread out your 401K and the gross amount is $2,000, the check you receive is $1600, if you receive a weekly check (before taxes) from unemployment for $350, they take the Gross amount of the 401K divided by $350 (2000 / 350 = 5.7) and get the total number of payments they would hold paid you, 5.7, and stop your unemployment benefits for 5.7 weeks.  The unemployment bureau told me it doesn't effect it (just some rep) and I cashed mine out only to find out this.
Comment: We are in this exact same boat. We called our 401K and they still showed my husband timetabled as an active employee, and that he would have to be down as inactive in order to do a subtraction. We were torn, because we also dont know if the plant will open back up and didn't want him to be 'terminated' so to speak, but I supposed the company could other hire him back if they open back up. I dont know....but this is adjectives a big slap in the face. From here on out, we will prepare for the future better
Answer: A 401K is considered deferred pay envelope and does affect unemployment
In Ohio I spoke with the Unemployment office after my layoff.  They told me if I touched a penny of my 401k in a change out, then I'd have to wait a unharmed YEAR for my unemployment benefits to begin.  That scared me sour cashing in the 401k.  But now that I just found a brief (7 months later) and am barely hanging on to my home, I wonder if I should try to cash it contained by and start it all over.  Of course this is NOT my first choice, but I didn't choose to be laid off and have to adopt a job now paying 50% of my previous one.

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