Ok I only received Unemployment at the beginning of 2006. That is all the income that I received. I know that I only have to file it for Federal or State tax returns but I can't remember which one? Anyone know?
2007-01-10 16:45:48 · 3 answers · asked by Kim 3 in Business & Finance ➔ Taxes ➔ United States
Unemployment income is taxable for Federal. You can find this on line 10 of the 1040.
For California, at least, unemployment income is NOT taxed. You would make an adjustment on line 13b of 540A.
If you live in some other state, then you may need to check directly with someone familiar with tax in that state.
2007-01-10 17:19:45 · answer #1 · answered by MousePotato 2 · 1⤊ 0⤋
Unemployment compensation is taxable on both the Federal and State returns.
You will receive a W-2G showing the total payments and withholding. Put these in your tax returns.
There is no federal requirement that a person must file a federal tax return with only unemployment. Your state may require a return, that depends on the state. Since many state returns depend on the federal return, just do them both.
2007-01-11 01:05:41 · answer #2 · answered by ninasgramma 7 · 0⤊ 1⤋
You would not need to file federal return if you are single, no dependents, and have less than $8450 and you are not a dependent of another. You would want to file even if you are under this threshold if federal tax was taken out; you'd get it all back.
WealthBuilder
2007-01-11 08:08:11 · answer #3 · answered by WealthBuilder 4 · 0⤊ 0⤋