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I've recently been laid off as part of a large downsizing of an IT company. This is the first time I've been unemployed since graduating from college, and I'm still in shock.
I've never had to file unemployment before, so I'd appreciate any information you guys can give me on it. Also, does it make a tax difference when you file for unemployment and when you rollover a 401K? Should one be done before the other? How does it affect severance pay? If it makes a difference, I'd be filing in Illinois. Thanks for any help.


My sympathies on the loss of your job. First thing... get to unemployment ASAP. The sooner you file, the sooner you can collect. Even if your state makes you wait until the end of your severance package (and not all do), you don't want to give up any weeks of UI that you might be entitled to. It won't be paid retroactively if you discover that you should have applied earlier.

Ira
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