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26-wk unemployed can withdraw 401K without Penalty

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Post by Marathadi-Saamiyaar Thu Feb 26, 2015 1:15 pm

...oh...goodie.... Now, you will have a whole new group that will be homeless when they are close to the actual retirement age.

Just like the millions of poor students who borrow heavily to go to those for-profit "universities" and end up not knowing how to pay it back while begging for jobs.

http://finance.yahoo.com/news/jobless-allowed-tap-401-k-112825844.html

Marathadi-Saamiyaar

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Post by nevada Thu Feb 26, 2015 5:19 pm

So if you quit your job on dec 31st, go to India on January 1st, can you withdraw without penalty on July 1st? I am too lazy to read the article you posted so can you answer this- can you withdraw the entire amount?

nevada

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Post by Marathadi-Saamiyaar Fri Feb 27, 2015 12:26 am

nevada wrote:So if you quit your job on dec 31st, go to India on January 1st, can you withdraw without penalty on July 1st? I am too lazy to read the article you posted so can you answer this- can you withdraw the entire amount?

If you are outside the country you cannot get unemployment - legally speaking.

But, if you are a US citizen and are FIRED or Laid off (remember...if you QUIT the job you cant file for unemployment and hence not eligible for IRA withdrawal) and decide to go to India you can withdraw...But, remember bank accounts are now known to IRS and if IRS finds out your hanky panky, it will put a penalty + 12% interest, etc...etc.....retroactively....and if it does not like you then tax fraud...

- Unemployment expert.

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