Question about 401k payout and unemployment

[rudeguy]

I took a payout on my 401k. Does anyone know if that will make a difference with unemployment? Unemployment is taking forever to go through, so I needed the cash from 401k to get me by. I can't find anything on the state's website about how the payout will effect my unemployment if/when it goes through.

 

[CPA]

It shouldn't. Not sure how they would even know that you took out your 401K. Make sure you save up for the penalty next year.

 

[rudeguy]

Originally posted by: CPA
It shouldn't. Not sure how they would even know that you took out your 401K. Make sure you save up for the penalty next year.

I'm paying the 10% plus taxes now. I <lost> a 1099 a couple years ago and am still paying back the back taxes and penalties.

I used to be very dumb...now I am only slightly retarded. Thanks for the help CPA

 

[DisgruntledVirus]

A lot of 401k's allow for disbursement tax-free (or reduced tax amounts) prior to retirement if you fall upon "hard times"

 

[rudeguy]

Originally posted by: DisgruntledVirus
A lot of 401k's allow for disbursement tax-free (or reduced tax amounts) prior to retirement if you fall upon "hard times"

But you have to pay the taxes at the end of the year. That's what got me in trouble with the IRS now.

 

[imported_Lothar]

Originally posted by: NSFW
I took a payout on my 401k. Does anyone know if that will make a difference with unemployment? Unemployment is taking forever to go through, so I needed the cash from 401k to get me by. I can't find anything on the state's website about how the payout will effect my unemployment if/when it goes through.

Why did you do that? 🙁

 

[Special K]

Originally posted by: Lothar

Originally posted by: NSFW
I took a payout on my 401k. Does anyone know if that will make a difference with unemployment? Unemployment is taking forever to go through, so I needed the cash from 401k to get me by. I can't find anything on the state's website about how the payout will effect my unemployment if/when it goes through.

Why did you do that? 🙁

Originally posted by: NSFW
Unemployment is taking forever to go through, so I needed the cash from 401k to get me by.

It's still very unfortunate though.

 

[jinduy]

Originally posted by: Lothar

Originally posted by: NSFW
I took a payout on my 401k. Does anyone know if that will make a difference with unemployment? Unemployment is taking forever to go through, so I needed the cash from 401k to get me by. I can't find anything on the state's website about how the payout will effect my unemployment if/when it goes through.

Why did you do that? 🙁

 

[rudeguy]

Originally posted by: Lothar

Originally posted by: NSFW
I took a payout on my 401k. Does anyone know if that will make a difference with unemployment? Unemployment is taking forever to go through, so I needed the cash from 401k to get me by. I can't find anything on the state's website about how the payout will effect my unemployment if/when it goes through.

Why did you do that? 🙁

Its been over 3 weeks since I filed for unemployment and I still haven't heard anything. I am in a tight spot right now and need the money. Things are rough...real rough.

 

[mugs]

Originally posted by: jinduy

Originally posted by: Lothar

Originally posted by: NSFW
I took a payout on my 401k. Does anyone know if that will make a difference with unemployment? Unemployment is taking forever to go through, so I needed the cash from 401k to get me by. I can't find anything on the state's website about how the payout will effect my unemployment if/when it goes through.

Why did you do that? 🙁

Come on guys, give him a break. Do you think he really wanted to do it?