IRA WITHDRAW WHILE ON EUC
What are, if any, rules about withdrawing from a traditional IRA while on EUC.
2 answers | asked Jul 27, 2010 12:58 PM [EST] in Unemployment | applies to OhioAnswers (2)
If you make withdrawals from an IRA, those withdrawals will be deducted from your UE benefits for the week(s) in which the monies from the IRA become payable. If the withdrawal(s) exceed(s) the amount of your weekly benefits, then you will not receive any UE benefits for that week.
However, if you take a lump-sum distribution and re-invest the entire amount within 60 days (i.e., rollover the funds into a different account), the amount of the withdrawal will not be deducted from your benefits.
To verify what will happen, the best course of action is to call your Processing Center, as some Centers deal with these issues, and the fact-finding around them, differently.
Chris
posted by Christina Royer | Jul 27, 2010 3:58 PM [EST]
However, if you take a lump-sum distribution and re-invest the entire amount within 60 days (i.e., rollover the funds into a different account), the amount of the withdrawal will not be deducted from your benefits.
To verify what will happen, the best course of action is to call your Processing Center, as some Centers deal with these issues, and the fact-finding around them, differently.
Chris
posted by Christina Royer | Jul 27, 2010 3:58 PM [EST]
