Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

I didn't have taxes taken out of my unemployment. How will this affect our return?

Hubby thinks it will reduce our return greatly. He made approx 45k. Unemployment was about 13k. We have a family of 5 in Cali.

 
Anonymous

Asked by Anonymous at 9:09 AM on Jan. 12, 2010 in Money & Work

This question is closed.
Answers (7)
  • Without knowing any other details, I plugged in your info on the H & R Block Tax estimator. You would get a refund. Only 10,600 of the unemployment was counted as income.
    michiganmom116

    Answer by michiganmom116 at 11:19 AM on Jan. 12, 2010

  • From what I remember when I was on unemployment some years ago- we had to pay in on one tax ( I can't remember if it was state or federal) and the other our refund amount was reduced due to the unemployment.
    Anonymous

    Answer by Anonymous at 9:18 AM on Jan. 12, 2010

  • You may have to pay interest or penalty. It depends on your total income and deductions.
    rkoloms

    Answer by rkoloms at 9:53 AM on Jan. 12, 2010

  • Go to an accountant and make an estimated payment before Friday jan 15th to save any penalty on the 4th quarter at least. Do it NOW.
    Anonymous

    Answer by Anonymous at 10:12 AM on Jan. 12, 2010

  • It will reduce your refund. But you will NOT have to pay any interest or penalties, unless you fail to pay/file by April 15.
    TinaN64

    Answer by TinaN64 at 10:56 AM on Jan. 12, 2010

  • If you're getting a refund, it will reduce it. If you're not, you'll have to pay in. There's a rumor swarming here in unemployment-land (Michigan) that because of hard times, the government may waive the tax on unemployment this year. It would help a lot of people out.
    RugersMommy06

    Answer by RugersMommy06 at 10:58 AM on Jan. 12, 2010

  • Run your numbers through an online tax calculator like Turbo tax, H & R Block or TaxBrain to get an idea of how it will affect you. We got unemployment also and didn't have taxes taken out, but our unemployment wasn't even counted as income this year so it wasn't taxed. It has something to do with one of Obama's tax or stimulus packages for 2009.
    michiganmom116

    Answer by michiganmom116 at 10:59 AM on Jan. 12, 2010