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if u dont take out taxes from ur unemployment check will u owe the irs money?

friends and family have told me that i will owe the irs if i dont take out taxes from my unemployment checks.

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tuty2403

Asked by tuty2403 at 4:01 AM on Feb. 6, 2009 in Money & Work

Level 1 (-7 Credits)
Answers (6)
  • More than likely you will, unless you qualify for earned income credit...that might offset what you would have owed. The money is taxed so if you chose not to have taxes taken out...yes you pay taxes on it.
    britni11

    Answer by britni11 at 5:34 AM on Feb. 6, 2009

  • Yes, you should set aside money from your check to pay taxes.
    halfpint_ny

    Answer by halfpint_ny at 7:10 AM on Feb. 6, 2009

  • unemployment funds are taxable, so you do need to set aside money for the taxes on it.
    science_spot

    Answer by science_spot at 8:22 AM on Feb. 6, 2009

  • Yes. You will owe money at the end of the year on that money.
    MissAlisabeth

    Answer by MissAlisabeth at 10:01 AM on Feb. 6, 2009

  • Unemployment benefits are considered income and are subject to tax. Whether or not you will owe taxes depends on what other income you had, how much you had withheld, and what kind of tax exemptions, deductions and credits you can claim.
    michiganmom116

    Answer by michiganmom116 at 6:23 PM on Feb. 6, 2009

  • i only get 93 dollars.!!! yes thats all so i still need to take out money??
    Anonymous

    Answer by Anonymous at 6:38 PM on Feb. 6, 2009

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