2007-09-02 23:29:54 · 6 answers · asked by arrow 4 in Business & Finance ➔ Taxes ➔ United States
You must include in your income all unemployment compensation you receive. You should receive a Form 1099-G, Certain Government Payments, showing the amount paid to you. Generally, you enter unemployment compensation on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ.
You can choose to have federal income tax withheld from your unemployment compensation. To make this choice, complete Form W-4V, Voluntary Withholding Request, and give it to the paying office. Tax will be withheld at 10% of your payment. 0oo
If you do not choose to have tax withheld from your unemployment compensation, you may be liable for estimated tax.
2007-09-03 03:52:23 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
yes. When you first file you are given a choice of whether you want to be taxed as you receive your compensation or if you would rather wait till tax time and owe the IRS the total amount of tax you would have paid throughout the year.
2007-09-03 04:14:30 · answer #2 · answered by Debra 2 · 0⤊ 0⤋
Yes
2007-09-03 03:33:24 · answer #3 · answered by Anonymous · 1⤊ 0⤋
On federal returns, yes. I am in California and it is not subject to state income tax.
2007-09-03 03:32:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
For federal taxes, yes it is. It's not earned income though for purposes of qualifying for EIC.
2007-09-03 05:58:03 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
Yes.
2007-09-03 03:21:12 · answer #6 · answered by HandyDan 3 · 1⤊ 0⤋