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July 7, 2020
Question

Opening an IRA while on unemployment

  • July 7, 2020
  • 1 reply
  • 0 views

Hello,

 

I am currently unemployed due to coronavirus, but in doing my 2019 taxes turbo tax suggested opening/contributing to an IRA. I do not currently have one, but if I did open one, will it affect my current unemployment benefits? I workers all of 2019 and for 2 1/2 months in 2020, the year of my unemployment benefits.

 

Will my Connecticut unemployment benefits be reduced or stopped if I open this IRA?

 

thank you!!!

    1 reply

    macuser_22
    Employee
    July 8, 2020

    I would be very surprised if it did, but only the Connecticut unemployment benefits  dept. could give you an answer - some states have odd requirements.

    **Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**