The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
  • Building Wealth
  • Investing
  • Credit Scores
  • Student Loans
  • Paying for College
  • Saving Money
  • Real Estate
  • Credit Card Debt
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
No Result
View All Result
The Money Coach
No Result
View All Result

Key Facts About Unemployment Benefits

Guest Blogger by Guest Blogger
in Personal Finance
Reading Time: 2 mins read
unemployment benefits are taxable

Did you know that unemployment benefits are taxable?

11
SHARES
187
VIEWS
Share on FacebookShare on Twitter

If you lose your job, you may qualify for unemployment benefits.

The payments may serve as much needed relief.

But did you know unemployment benefits are taxable?

Here are five key facts about unemployment compensation:

1. Unemployment is taxable.  You must include all unemployment compensation as income for the year. If you received unemployment in 2014 you should receive a Form 1099-G from the state that paid you by February 2, 2015. This form shows the amount paid to you and any federal income tax withheld.

2. Unemployment is paid under U.S. or state law.  There are various types of unemployment compensation. Unemployment includes amounts paid under U.S. or state unemployment compensation laws.

3. Union benefits may be taxable.  You must include benefits paid to you from regular union dues in your income. Other rules may apply if you contributed to a special union fund and those contributions are not deductible. In that case, you only include as income any amount that you got that was more than the contributions you made.

4. You may have tax withheld.  You can choose to have federal income tax withheld from your unemployment. You can have this done using Form W-4V, Voluntary Withholding Request. Most people don’t do this, and pay taxes owed when they file their tax return.

5. Visit IRS.gov for help.  If you’re facing financial difficulties, you should visit the IRS.gov page:“What Ifs” for Struggling Taxpayers. This page explains the tax effect of events such as job loss. For example, if your income decreased, you may be eligible for certain tax credits, like the Earned Income Tax Credit. If you owe federal taxes and can’t pay your bill, contact the IRS. In many cases, the IRS can take steps to help ease your financial burden.

IRS makes it sound more complicated than it is. We ask you all the right questions, put the numbers in the right places, and do the math so you get the biggest refund possible.

Bill Hendricks
Bill Hendricks – CEO of Common Form

Bill Hendricks is the CEO and co-founder of Common Form, which helps people with simple finances file taxes in 5 minutes from their phone or computer.

Tags: Employment
Previous Post

Anatomy of a W-2

Next Post

Financial Decisions That Can Hurt Your Credit Rating

Related Articles

A Student’s Guide To Filing Taxes
Personal Finance

Breaking Down the ‘Penalties’ of Single Tax Filings

by Lynnette Khalfani-Cox, The Money Coach
tax refund
Personal Finance

Making the Most of Your Tax Refund

by Lynnette Khalfani-Cox, The Money Coach
Personal Finance

How to Manage Your Finances with Inflation on the Rise

by Lynnette Khalfani-Cox, The Money Coach
AskTheMoneyCoach
Personal Finance

The Split-Second Shopping Decision That Could Save You Hundreds of Dollars

by Lynnette Khalfani-Cox, The Money Coach
Financial Advice on TikTok
Personal Finance

NEWS DIGEST: Breaking Down TikTok Finance Myths on Good Day New York

by Lynnette Khalfani-Cox, The Money Coach
Financial New Year's Resolutions
Personal Finance

Why Your New Year’s Resolution Should Start on Thanksgiving Day

by Lynnette Khalfani-Cox, The Money Coach
Lynnette Khalfani-Cox
Personal Finance

The Long View: Lynnette Khalfani-Cox: ‘There’s a Huge Wealth Gap in America’ Podcast

by Lynnette Khalfani-Cox, The Money Coach
Lynnette Khalfani-Cox
Building Wealth

Start Building Wealth in 2021

by Lynnette Khalfani-Cox, The Money Coach
Black tax
Building Wealth

Here’s what the “Black tax” does to so many families (Vox)

by Lynnette Khalfani-Cox, The Money Coach
Next Post
financial mistakes

Financial Decisions That Can Hurt Your Credit Rating

About

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.

Quick Links

  • Money Coach University
  • Lynnette's Personal Site
  • The Money Coach Corporate Site
  • Video Portfolio
  • Privacy Policy

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2022 TheMoneyCoach.net, LLC. All Rights Reserved.

No Result
View All Result
  • Meet Lynnette
  • Money Coach University™
  • Books
  • Financial Coaching
  • Speaking
  • The Money Coach Recommends™
  • Media Kit
  • Contact

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist