I've been unemployed since April 2007. I asked some of my friends & some of them said I still file taxes & the rest aren't so sure.
When I filed my taxes this year, I was employed. But next year if I still don't have a job, do I still file?
2007-08-25 10:10:19 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
unemployment is taxable income. If you are receiving that you will need to file, if you aren't receiving anything then you won't need to file.
2007-08-25 12:08:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Many people who are not employed file taxes. The filing requirement depends on your income, not your employment status.
Unemployment compensation is taxable income. If all your income exceeds the filing requirement for your filing status, then you will have to file a tax return.
So generally, you should look at your total income at the end of the year and determine if you need to file.
2007-08-25 23:49:11 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
See page 12 of the 2006 1040 Instructions for the "Do You Have To File?" income amounts. The numbers will be slightly higher for 2007.
2007-08-25 17:49:37 · answer #3 · answered by r_kav 4 · 0⤊ 0⤋
Unemployment compensation is taxable on your Federal (and many state's) returns.
Filing a return is based on your income, not your employment status. If you are over the minimum filing requirement for incom, you need to file a return. Unemployment compensation counts as income.
Drawing unemployment can cause you to owe at the end of the year. As I said, unemployment compensation is taxable and drawing it for a good part of the year is a good way to end up owing next year unless you are having taxes withheld from you unemployment checks.
2007-08-25 17:18:25 · answer #4 · answered by Wayne Z 7 · 0⤊ 0⤋
Maybe - it depends on your total income for the year. And for that purpose, any unemployment comp benefits you get count as income - they are taxable. If you are married, then whether you have to file would also depend on the income your spouse has.
If you worked for three months, then got unemployment comp for six, it's likely that you would be over the limit and have to file a return even if you didn't work any more through that year.
2007-08-25 17:37:27 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
You need to file if your income from all sources exceeds your standard deduction plus your exemption deduction. If you are single and no one claims you as dependent, then this amount is $8,750. If your total income is less than $8,750, then you don't need to file the return.
Also note that Unemployment benefits are included in your income.
2007-08-26 00:01:30 · answer #6 · answered by MukatA 6 · 0⤊ 0⤋