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If You Received Unemployment Insurance in 2011, It's Taxable Income

 
CrazyJarhead
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User ID: 1498716
United States
01/23/2012 04:30 AM

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If You Received Unemployment Insurance in 2011, It's Taxable Income
The jobless rate is dipping, but millions of people are still out of work. And that could have implications when they file their income tax returns.

Collecting unemployment insurance benefits? All that you received in 2011 is taxed as income. Unless you requested that federal taxes be withheld, you could be in for a big surprise when you calculate taxes owed.

"People tend to believe unemployment benefits are still not taxable," said Bob Meighan, a vice president at TurboTax. That was the case in 2009, for the first $2,400 in unemployment benefits. But that provision was not renewed by Congress.

If it's any consolation, you may find yourself in a lower tax bracket because of reduced income, even counting the unemployment benefits. And you might also be eligible for tax breaks that you didn't qualify for before.

"If you have major household changes, say you lost your job in 2011, we encourage people to take a close look at things like the earned income credit," Internal Revenue Service spokesman Terry Lemons said.

He said people should go ahead and file their taxes even if they don't have the money to pay any taxes that are due. "There are more options there than many people realize," he said, including installment agreements.

Read more: [link to www.foxnews.com]
Pearl Harbor was an inside job.
Anonymous Coward
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01/23/2012 04:33 AM
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Re: If You Received Unemployment Insurance in 2011, It's Taxable Income
He said people should go ahead and file their taxes even if they don't have the money to pay any taxes that are due.
 Quoting: CrazyJarhead


Oh really? cruise
Hootis Skunkfoot

User ID: 8909844
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01/29/2012 04:46 PM
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Re: If You Received Unemployment Insurance in 2011, It's Taxable Income
In my state, it is only federally taxed. There is not state tax. But on the bright side, I got back more on my taxes this year than I have since the '80's.
Anonymous Coward
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01/29/2012 04:49 PM
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Re: If You Received Unemployment Insurance in 2011, It's Taxable Income
He said people should go ahead and file their taxes even if they don't have the money to pay any taxes that are due.
 Quoting: CrazyJarhead


Oh really? cruise
 Quoting: Anonymous Coward 9267532


Don't give the slaves any ideas about withholding their support of a lawless out of control government by telling them to go fuck themselves.

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