UNEMPLOYMENT IS IT TAXABLE?

                   If you have been laid off or not working and  you have received unemployment, don’t let curiosity kill the cat when it comes to reporting wages. Unemployment is

in fact taxable income that needs to be reported to the irs. Once you get

the unemployment your thankful, but its less then what you are used to so it makes it much more difficult to

voluntarily have someone take some of the 60 percent of your normal wages you would get.

HOW TO REPORT YOUR UNEMPLOYMENT

Your states unemployment agency will at the end of the year give you a form 1099G Just like a w2 this form goes to you and the

IRS. The form will also show any taxes you had withheld. You would then report these amounts on line 19 of Form 1040,  or line 13 of Form 1040A, or line 3 of Form 1040-EZ when you file your tax

return. Your unemployment income is taxed right along with any other income you  may have earned during the year. Some other income that maybe reported on the same form 1099g will includes

state unemployment insurance benefits and benefits paid to you by a state. It also includes railroad unemployment compensation benefits and disability benefits paid as a substitute for

unemployment compensation, but not worker’s compensation.

 

 

 

1 Comment

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