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If unemployed and withdraw all 401k money, must I repay U/E benefits or am I disqualified from receiving them? |
I live in Florida and am unemployed and considering a withdrawl of all of my 401k funds to pay my mortgage until I find a new job. I think I will incur 20% penalty for early withdrawal and be taxed at 10% on the income but I feel I have no choice---preliminarily, what is the total penalty and tax I would have to pay for early withdrawal of all funds from my 401k? My other question is: (1) Will such withdrawal disqualify me from receiving unemployment benefits in Florida? If I receive such U/E benefits would I have to repay them for later getting 401k withdrawal even if I wasnt disqualified from U/E in the 1st instance in Florida? you are going to have about $60.00 on a hundred in your pocket after all is said and done That in and of itself is a pretty high price to pay. I did several taxes this year and they with drew from the 401K and were not required to pay back any benefits. I think that before I withdrew any money from my 401K I would deliver pizzas in the after noon and even at night. Let me ask you a question would you go borrow $10,000 at 40% interest? I can only tell you that I would not. It is paramount to the same thing. I know that it is tough to not use the money with it laying right there but try not to it will pay off in the long run. Good luck in your job search. Unemployment benefits are based on the fact that you are currently not working....not affected by your assets or savings (which is what your 401K is), so it's perfectly fine to withdraw funds from your 401K AND collect UE.... The penalty for early withdrawl is 10%. Then you have to pay income taxes on the withdrawl. Pulling it all out will probably put you in a higher tax bracket. Not a smart thing to do. It would be much better to keep your retirement funds protected from taxes and bankruptcy in the 401k and fall behind on the mortgage. You can get caught up on the mortgage latter. |
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