I received a form 1099G in the mail, but am I suppose to report my unemployment benefits as income? I am not sure if the benefits they paid me last year is taxable even though I never took out any federal taxes from my benefits.
2007-02-19 09:34:23 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Unemployment compensation is taxable regardless of whether they took withholdings from your benefits or not.
2007-02-20 01:38:06 · answer #1 · answered by figment_usa 5 · 1⤊ 0⤋
Yes, unemployment benefits are taxable.
No, nobody withholds from your unemployment benefits. So you need to write a check for the taxes at tax time.
You must report ALL 1099s that you get as income. Do not cheat here. The IRS already recieved a copy of the 1099 and will know if you are cheating.
2007-02-19 09:46:34 · answer #2 · answered by Lisa A 7 · 1⤊ 1⤋
All unemployment benefits are taxable and treated as ordinary income. You have to declare it as income even though you might not owe any taxes and might even help to get you a refund if there was no other income.
2007-02-19 09:39:26 · answer #3 · answered by Akbar B 6 · 2⤊ 0⤋
For federal, yes it's taxable. Many states don't tax it.
They only withhold federal income tax if you request it. But the amount received still has to be claimed as income.
2007-02-19 11:57:47 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
sure is! That's why you received the 1099G.
You must report the income and pay the taxes on it
2007-02-19 10:01:01 · answer #5 · answered by Dizney 5 · 0⤊ 0⤋
It's taxable.
2007-02-19 12:31:58 · answer #6 · answered by Ovrtaxed 4 · 0⤊ 0⤋