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Do u have to claim cashing out a 401 k in nj for unemploym

ent?...
Do u have to claim cashing out a 401 k in nj for unemploym ent?
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Answered in 7 minutes by:
12/2/2012
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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Hi

Thank you for your question. Unfortunately, yes, you must claim the money. There is a question that Marvin asks that goes something like "Did you receive any wage continuation pay from your employer such as vacation or sick pay, or did you start receiving a pension"

Although it does not SPECIFICALLY ask about 401K, the money would fall in the category above and needs to be reported.


I understand that you may be disappointed by the Answer you received, as it may not necessarily be favorable to your situation. Had I been able to provide an Answer which might have given you a successful legal outcome, it would have been my pleasure to do so.

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Customer reply replied 4 years ago
Will it come off of your balance? It's saying speak to an agent but it's Sunday and I don't understand it should be claimed this week
You will probably want to call the alternate number (and be on hold, I understand) but depending on the $ amount of the 401K that you withdrew, it may reset the $ amount you are eligible to draw.

How they calculate "lump sum payments" such as these is something they would need to explain to you, (and the rest of us who have ever found themselves in this position)

Although I can't tell you how they calculate payments, I sincerely XXXXX XXXXX the information helped steer you in the right direction and the right people to help you. Unfortunately, you will have to wait until tomorrow to get any answers.

Thank you again for using justanswer.
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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Thank you for the accept and the positive rating.

Please feel free to ask for me by name if I can help you in the future.
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Anne
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