Unemployment Benefits and 401K cashout
I’m 66 yrs old and drawing unemployment benefits. I have cashed out my 401K ($10,000). Should I let IDES know and will this affect my benefits. Thank you in advance
Terry Says
No, that has nothing to do with your employment earnings. But you WILL have to pay taxes on that amount, plus on your unemployment benefits. So save some money for taxes if it wasn’t withheld.
