My question involves labor and employment law for the state of: WISCONSIN
I'm trying to determine if IRA withdrawals taken as periodic payments under IRS Rule 72t affect Pandemic Unemployment Assistance (PUA) benefits in Wisconsin. I'm self employed and am eligible for PUA. I see that retirement payments can reduce benefits, but the Wisconsin statutes Chapter 108 seem to indicate the state would only be concerned with base-period wages for an employer I worked for during my base period. I left my employer that had the 401k six years ago and the funds were rolled over to an IRA at that time. They were then rolled into an insurance company a year or so later for the purposes of a 72t. My base period for PUA is 2019, so it appears there should be no reason to even report these withdrawals.
I keep seeing advice being given on forums that IRA withdrawals are not considered income but rather withdrawal of savings and that they are the best and only way to be sure you don't have to report the pension payments. Is this true?
My concern is that if I blindly report them, the state will be taking months to adjudicate something that wasn't even necessary to report in the first place. It's almost impossible to get an informed answer ahead of time by phone and that wait period is destructive to my situation.
Can someone give perspective or perhaps emphatically state one way or another?
Thanks so much for any guidance.