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I was recently let go from my job and I'm concerned that if I cash out my 401k, they'll deduct it from my unemployment benefits. I live in New Jersey, and my previous employer matched my contributions. Please help.
May 28, 2015 06:20:56 PM
In reply to Hannah, Trenton
Hi there Hannah,
Thanks for writing in and we apologize to hear of your recent job loss. We hope this turns around for you!
To determine the answer to your question, we would advise you to reach out to your tax advisor, or the administrator for your 401(k) plan, for advice. They'll be best able to tell you if and how a distribution from your 401(k) would affect your unemployment benefits.
In case your 401(k) is held with TD Ameritrade, feel free to reach out to them directly. Here is a quick link to their contact information: http://bit.ly/1ygWAX4.
Thanks again for getting in touch, Hannah.
All the best to you and good luck!
Kristen P, Mount Laurel
May 28, 2015 06:21:52 PM