Unemployment and filing income tax (file, receive, money, UI)
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Hi there! I have been on unemployment for entire year so no other income,besides my unemployment, and husbands salarie to be included.
I receiced the tax form today and I did opt NOT to have the 10% withheld/deducted.
My question is simple. Do I include the total amount in the box for "earned" wages or LEAVE IT BLANK
or is there a box/ line to include unemployment compensation?
We do our own taxes through TaxAct.com, file married joint , if that helps
I've never had unemployment before and don't want to mess up my possible refund
Thanks :0
Hi there! I have been on unemployment for entire year so no other income,besides my unemployment, and husbands salarie to be included.
I receiced the tax form today and I did opt NOT to have the 10% withheld/deducted.
My question is simple. Do I include the total amount in the box for "earned" wages or LEAVE IT BLANK
or is there a box/ line to include unemployment compensation?
We do our own taxes through TaxAct.com, file married joint , if that helps
I've never had unemployment before and don't want to mess up my possible refund
Thanks :0
There is a separate box for unemployment. You posted that you did not have the 10% tax witheld. That being the case, at best, you will not have to pay anything. At worst, you will owe depending on how much UE you received. There is no possible way you would get a refund in the situation you have laid out.
Quote:
Originally Posted by UntilTheNDofTimE
Unemployment is different than wages earned so that people on UI can not get the full benefit of the Earned Income Tax Credit.
You do not get any benefit of the earned income tax credit since UE is unearned income.
Hi there! I have been on unemployment for entire year so no other income,besides my unemployment, and husbands salarie to be included.
You do not pay taxes on the first 10,000 or so its the standard deduction, file separate and that probably covers the 10,000 or close to it...otherwise it may push your tax rate to higher level (joint)
I've done a comparison every year and filing separate for us usually means a smaller refund; therefore we file jointly. Depends on what your husband's income is and if you itemize or take the standard deduction. I always use taxact online to figure our taxes. You can probably already start entering data for last year if you want to get an idea what your situation will end up being. You don't pay to file until you actually print your return so you can view the return before you have to pay them any money.
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