Ira Rollover Benefits
December 13th, 2006
Question: Does rolling over a 401k into a Roth IRA affect CA unemployment insurance benefits?
I was laid-off in June and have been collecting CA unemployment insurance benefits ever since. I want to rollover my Fidelity 401k from my old employer into a Vanguard Roth IRA, which will mean paying taxes on this “income” right now. What I’m not clear on is whether this “income” will be counted against my unemployment insurance benefits and cause me to lose any of them. Anyone know?
Answer: It doesn’t. Rolling funds from one retirement account to another is NOT income. It is taxable at the Federal level, but it has NO impact on income based benefits.
401k transfers and IRA Rollovers
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