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Returning Member

Opening an IRA while on unemployment



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
Level 15

Opening an IRA while on unemployment

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.**