Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [unemployment]

68 questions
23
votes
9 answers

I'm unemployed. Should I pay off my credit cards to avoid monthly payments?

I'm unemployed and on a tight budget with 6 months of savings. Should I pay off my credit cards to avoid monthly payments even if it reduces half of my savings? Is there a risk of the bank reducing my credit limits after payment?
Daniel Harris
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14
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1 answer

How to fight an unemployment tax bill that I do not owe in NY?

Back in the summer I received a tax bill saying I owe money for unemployment, but I do not as I never filed it. It's most likely fraud claim under my name or company. Below are the redacted documents showing they corrected my 1099G, but I still got…
Patoshi パトシ
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10
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2 answers

Does cashing out 401k interfere in unemployment

If I cash in my 401k do I have to log that as earned income on my weekly unemployment filing in Arizona. I had no choice since $160 per week does not pay my bills. I used it to pay off my car and a credit card to alleviate the financial load.
Debby
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10
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4 answers

Homeowners: How can you protect yourself from a financial worst-case scenario?

Say your a home-owner, a first time buyer. You've just got your first flat and your about 1 year into your 25 year mortgage. Suddenly, something goes wrong with your job, and your made redundant (credit crisis and all) You look for other jobs, but…
James
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10
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1 answer

How does unemployment insurance work?

I hear people on the radio going on about emergency funds to cover job loss, and I'm wondering how unemployment insurance factors into this. I've never applied for UI, let alone received it, and I'm realizing I have no idea how it works: how it's…
jldugger
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8
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1 answer

Does unemployment count as income for a mortgage?

My wife and are hoping to buy a house this summer once she gets her 'grown-up' job, but I am on unemployment and we are concerned that it will not count as income when applying for a mortgage. It is income I will be receiving until I find work that…
Mason240
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8
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4 answers

Should I file my taxes? No income, unemployed, but paid 2k in student loan interest

This question is hypothetical. I was unemployed for the entire year of 2018 and had no income. I lived with a parent and had enough savings from a previous job to pay for myself and make all of my student loan payments. I paid about $2,000 in…
user83226
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3 answers

In the next year I plan to live primarily off a saved bulk sum of money. What are my options for investing it while keeping it fairly accessible?

I'm leaving my job soon to spend the next year career switching / experimenting / travelling etc. - being generally self-unemployed. I am planning to do odd jobs now and then, as well try some freelancing, but my plan is to primarily live of a bulk…
Sanuuu
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6
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3 answers

What economic growth rate is required to halve U.S. unemployment?

I've just completed a consulting project in South Africa looking at various economic inputs required to reduce their 25-35% level of unemployment. It is estimated that for every 1% of new jobs created, the South African economy must grow by…
Turukawa
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1 answer

I'm still working but my payments are deferred due to Covid19. Do I qualify for unemployment insurance benefits?

I'm self-employed in California and my biggest client (>90% of my billable hours) is not able to pay due to cash flow disruptions related to Covid19. I've agreed to continue working and billing as usual, and allow them to defer all payment for at…
Bingo
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1 answer

Can a jobless person get a home equity loan if he has other sources of income such as stock dividends?

Suppose a jobless person has a fully paid property. He wants to take out a home equity loan. Will the bank reject his loan application due to his lack of salary income as a jobless person? This person has other sources of income such as stock…
curious
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5
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3 answers

Lost job a week before closing with a mortgage. Options?

I unexpectedly lost my job a week away from closing on a condominium with a mortgage. I wasn't worried… until I realized that the mortgage is conditional on my creditworthiness remaining the same. From asking around, it sounds like no bank will lend…
s4y
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5
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5 answers

What to do when institutions stopped lending you money?

I know the question seems confusing, but this is a real life event. My friend lived beyond his means for a few years, combined with half year of unemployment his Credit Card Debt went to the roof. His credit score got a hit. When he got a job…
Geo
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5
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1 answer

Can I get a mobile phone contract if I am unemployed?

Can I get a mobile phone contract if I am unemployed?
user454
5
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5 answers

Paid under the table prior to putting me on the books- recently told me they're issuing a 1099 for all the income they paid

I worked for a bit over 4 months under a verbal agreement that I would be paid off the books for purposes of still collecting unemployment during the pandemic. My employer recently let me know that I'll be receiving a 1099 for the compensation that…
7654321
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