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Earlier this year, while collecting unemployment, I did the same thing (got a 401k disbursement check and quickly rolled it into another IRA) and it never occurred to me to report it to unemployment.
Earlier this year, while collecting unemployment, I did the same thing (got a 401k disbursement check and quickly rolled it into another IRA) and it never occurred to me to report it to unemployment.
You aren't required to report the distribution because you rolled it over into an IRA within the required time frame. You were one of the smart ones. So many don't.
Yes even if you got the money. it's a shame you didn't know in advance and do a direct rollover from one financial company to the other, then the check would have never hit your hands first. But plenty of people do this type of rollover.
You have 60 days from the date you receive your retirement plan distribution to get it deposited into a qualified account; otherwise it will be a taxable event and also considered a distribution from a 401K for UI purposes.
Your 401(k) institution may send a paper check to you, to the institution where you are opening your IRA, or the money may be rolled over digitally via wire transfer.
Takeaway: If taxes are withheld from the distribution, you’ll need to use other funds in order to roll over the full amount. So if 20% taxes were withheld you will need to make sure the FULL amount that was distributed is rolled over.
No, you have 60 days from when you took the money out of your 401k, to roll it over into another qualifed tax-deferred retirement account. If you don't do it in 60 days it will be a taxable distribution, and since it will now be considered income, it'll probably affect unemployment payments as well.
No, you have 60 days from when you took the money out of your 401k, to roll it over into another qualifed tax-deferred retirement account. If you don't do it in 60 days it will be a taxable distribution, and since it will now be considered income, it'll probably affect unemployment payments as well.
Correct.
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