strommsarnac |
09-10-2009 07:03 PM |
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That'll mean that you are not eligible for unemployment! If your exit paperwork says something different, you'll have to argue your case. I had to do that once and it took much longer to get benefits. It came down to the state telling the employer that they had a copy of my exit paperwork and that paperwork said I was let go due to budget cuts. Even weeks after that when I companies were calling for a reference check, they were still saying I was fired. I had to have a lawyer send a letter threatening to sue before they started telling the truth.
Your pension will count against your unemployment payout too. Also, I hope they told you about the penalties for early cashout. Doesn't matter that you're vested. Usually, it's %20. Then there's the %10 tax penalty. When you file your 1040 for 2009, that %10 is counted as income and affects your adjusted income. So if you made $50,000 and your cashout was $2000.00, your total adjusted income is $50,200.00. There a line on the 1040 for that %10, but it's been 14 years ago that I last dealt with it.
Or, you could roll it over into an IRA and not incur any penalties at all. Smarter too as it'll build more interest for you which you'll really want when you retire.
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