2007-03-03 05:38:09 · 9 answers · asked by Julia D 1 in Business & Finance ➔ Taxes ➔ United States
Unemployment comp is taxable income. But if it was your ONLY income, it's fairly unlikely that you got enough to be required to file or pay taxes. The limit is $8450 if you are filing as single, not a dependent. If your income was over that, even if unemployment was your only income, then you'd have to file.
If you are married, the limit is much higher if you are filing a joint return, but it's the total of both incomes that determines whether you pay taxes, and again, unemployment comp counts as income. And if you file separately, the limit for you to have to file is $3300.
If you do file a return, no matter what your filing status is, you have to report the unemployment comp that you received.
2007-03-03 12:41:49 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You probably do. Unemployment compensation is fully taxable. If you didn't make that much in unemployment, then it is possible that you won't have to pay taxes on it; however, you do still have to declare it (line 19 of the 1040).
2007-03-03 05:43:56 · answer #2 · answered by j-man 4 · 0⤊ 0⤋
Yes, unemployment is includible as income on your Federal Income Tax Return. It will vary depending on the state.
2007-03-03 06:46:31 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Yes. Get your stuff together and go find a tax preparer. It works out just like a normal paycheck, depending on if you had taxes taken out or not.
2007-03-03 05:46:42 · answer #4 · answered by littleredhen 3 · 0⤊ 0⤋
As far as I know, you have to FILE your taxes, but that can be something totally different from PAYING taxes.
2007-03-03 05:46:02 · answer #5 · answered by Banana Slug 3 · 0⤊ 0⤋
irs.gov will provide answer to your question, if answer not found call 1-800-829-1040, the customer service representative will be able to assist you.
2007-03-03 05:47:11 · answer #6 · answered by Ms. Angel.. 7 · 0⤊ 0⤋
yes, it is taxable for federal return, but check with your individual state to see if it is state taxable.
2007-03-03 05:47:07 · answer #7 · answered by RichManPoorMan 2 · 0⤊ 0⤋
yes
2007-03-03 05:45:02 · answer #8 · answered by Anonymous · 0⤊ 0⤋
in louisiana you dont have to .you will have to pay on your previously worked jobs.
2007-03-03 06:02:54 · answer #9 · answered by Anonymous · 0⤊ 1⤋