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I just filed unemployment and they are taking 10% out for taxes I want to know is this going to affect my w2? |
I just filed unemployment and they are taking 10% out for taxes I want to know is this going to affect my w2? Unemployment Insurance income is reported on a 1099G Unemployment form and will have no effect on your W-2 forms. The Unemployment income is taxable on your federal income tax return. Having had 10% withheld may be a blessing as such income is frequently uncovered by withholding and could result in a shortfall when your tax liability is calculated. of course, you should get a W2 from the state come tax time, to file with your taxes...if not, be sure to keep track because its reportable income Your unemployment is taxable and they are withholding. At the end of the year, you should come out fine. This site has all the answers you are looking for http://www.freewebs.com/zrkat01... When I filed for unemployment, they didn't take taxes out, so I owed more at tax time. How does 10% compare to what you were paying when you were employed? You want them to take the taxes out, otherwise you'll end up owing money at tax time! And if you haven't found work by that time and you owe, you're really gonna be up sh*t creek. Good luck finding a new job!! :) You don't have to let them tax you during the time you're unemployed, but you definitely have to file at the end of the year. Unemployment check is considered an income. I was unemployed. First, I let them took out the taxes upfront but that left me little each week. I went on line and changed it so they can tax me at the end. By the time, I filed my taxed, I had to include that as an income. |
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