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Early IRA withdraw- how does affect unemployment benefit
Old 12-09-2009, 07:07 AM   #1
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Early IRA withdraw- how does affect unemployment benefit

How does an early distribution from an IRA affect unemployment benefits. I'm 57 and live in Michigan. I can not reach a real person to answer the question at the Michigan UIA. Searched the web on this and cannot find a definitive answer. Any clarity on this question would be appreciated.
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Old 12-09-2009, 07:53 AM   #2
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Every state has their own rules. You might look to see if Michigan has a list of income sources you have to report when you collect unemployment. Odds are because it is not earned income it won't be counted. I know that it isn't counted in my state.
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Old 12-09-2009, 08:44 AM   #3
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In Indiana it is reported along with vacation, severance, Ebay selling, etc.
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Old 12-16-2009, 05:44 PM   #4
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thanks for your input. I finally got a real person at the Michigan UIA. The official answer is yes and no. I will not be able to draw the unemployment benefit in the week that I recieve the IRA distribution. The next week I can continue to recieve the benefit. This is because the IRA was created from rolling over my 401k and my lump sum pension. If the IRA was self funded then no impact on unemployment benefits in Michigan. Next year i plan on taking a quarterly IRA withdraw to minimize impact from UIA benefit.
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