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Mich. unemployment question?

Can I take a 401k withdrawal with out effecting my unemoplyment benifits? How can they expect my family and I to survive on $362 a week.

Yes, it's not one of the questions on the phone when you call in for benefits. They ask if you have received any wage, tips or other compensation, this translate to earned income not money that you have already saved or reported. I live in Chesterfield Twp., MI north of Detroit and have recently received benefits. Be careful though there is a 10% penalty for early withdraw on 401K plans and you will also have to pay income tax on it if it was deposited on a pre tax basis. Take a loan from your 401K if you can afford it, interest on the loan is paid to yourself (kinda of like being your own bank).

I would definately call first to verify. Make sure you get documentation supporting their answer, these matters are often confusing to them as well and can be misinterpreted.

I believe you have to report any money you get, no matter the source. Better check 1st.

no, you will be penalized

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