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2 Bumps

unemployment and taxes, how does that work?

right now we're claiming unemployment because of dh losing his job. I'm wondering how we file for that on our taxes next year? are we going to owe the government money?

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Anonymous

Asked by Anonymous at 10:42 PM on Jun. 27, 2010 in Money & Work

Answers (5)
  • Here's a bump for ya since we are in the same boat. I only know that we were asked if we wanted taxes with held from dh's checks. Hopefully someone will have an answer of what to expect next tax time.
    mom-2-4boys

    Answer by mom-2-4boys at 10:47 PM on Jun. 27, 2010

  • When I had that, I elected to have the tax withheld. Come tax time you'll get a tax form and have to report your earnings, just as you do when your employer gives you a pay check. If you don't have the tax withheld now, you'll owe it come tax time.
    KairisMama

    Answer by KairisMama at 10:51 PM on Jun. 27, 2010

  • Be sure that taxes are being withheld from the unemployment compensation. Depending on your total income for the year, you may have to pay taxes on the UE income.
    rkoloms

    Answer by rkoloms at 6:01 AM on Jun. 28, 2010

  • Yes, I agree with rkoloms. Make sure that you have them take taxes out of the checks or you WILL owe at the end of the year. Depending on how much you make, they may keep the taxes they've taken or return some to you as a refund, but will probably not ask for more from you. Oh and it's only federal. Local and state taxes aren't taken out of unemployment...at least not in PA. My friend works for Labor & Industry.
    BridgetC140

    Answer by BridgetC140 at 1:22 PM on Jun. 28, 2010

  • It depends on your state. In Michigan you can choose to have your taxes witheld or you can pay them at tax-time.
    UpSheRises

    Answer by UpSheRises at 2:55 PM on Jun. 28, 2010

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