Is it easy to file my taxes if i have a W2 and currently on unemployment?
Tuesday, March 9th, 2010 at
11:48 pm
I have been filing my own taxes last few tax seasons but this year I’ve been on unemployment and wondering if it’s still simple enough to file it myself. I worked partly last year so i also have a W2. I’m just cautious of how the unemployment numbers would figure into my tax return. I would be claiming for one dependent - myself. Any tax websites or recommendations on H&R Block or Jackson Hewitt would also greatly be appreciated!
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If you have been doing your own taxes for the last few years, you shouldn’t have a problem doing them this year. Try going through http://www.irs.gov and looking for tax sites that let you efile for free if you meet the criteria.
Any UI benefits you receive are taxable income. You will be issued Form 1099G at the end of January showing the amount of benefits paid to you, as well as any federal income tax withheld at the time the benefits were paid. The amount on the 1099G is not reduced by any repayments you may have made for overpaid benefits. Therefore, if you repaid any benefits, you must maintain your record of payment, such as reimbursement receipts or canceled check notices to make adjustments to your taxable income and as documentation for the federal Internal Revenue Service and State Tax Office when you file your tax returns.
Its not difficult to file unemployment wages that information has to reported on the 1099G Government form along with your regular W-2 information.
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The answer is , in the US, it is practically never easy to file your taxes. I would say it is easy, because the instructions to the form would tell you what portion of your unemployment is taxable [You do not have to pay tax on unemployment compensation of up to $2,400 per recipient.Amounts over $2,400 per recipient are still taxable. ** new rule for 2009] but it is not that simple. You say you have a w2 and a dependent so you could be getting the Earned income credit the child tax credit amoung other things. If you are a little savvy , i would recommend purchasing turbo tax and go through the step by step. This will actually educate you while filing. If not, a guess H&R block or an accountant recommendation.
Still pretty easy. You’ll just have the W-2 AND 1099-G to enter.