IRS Offers Four Tips on Unemployment Benefits
Unemployment can be stressful enough without having to figure out the tax treatment of the unemployment benefits you receive. Unemployment compensation generally includes, among other forms, state unemployment compensation benefits, but the tax implications depend on the type of program paying the benefits. You must report unemployment compensation on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ. Here are four tips from the IRS about unemployment benefits. 1. You must include all unemployment compensation you receive in your total income for the year. You should receive a Form 1099-G, with the total unemployment compensation paid to you shown in box 1. 2. Other types of unemployment benefits include:
3. You must report benefits paid to you as an unemployed member of a union from regular union dues. However, if you contribute to a special union fund and your payments to the fund are not deductible, you only need to include in your income the unemployment benefits that exceed the amount of your contributions. 4. You can choose to have federal income tax withheld from your unemployment compensation. To make this choice, complete Form W-4V, Voluntary Withholding Request, and give it to the paying office. Tax will be withheld at 10 percent of your payment. If you choose not to have tax withheld, you may have to make estimated tax payments throughout the year. For more information on unemployment compensation see IRS Publications 17 and 525. Forms and publications can be downloaded from the IRS Website at www.irs.gov or can be ordered by calling 1-800-829-3676. Contactanos 214-713-9941•Alicia Molina es la C E O de la firma REGIATAX GROUP, PC. con más de una década de experiencia tributaria especializada en impuestos de negocios e individuales. A lo largo de su carrera, se ha centrado en simplificar temas tributarios complejos y educar a los clientes para maximizar sus beneficios tributarios y planeación de impuestos. Alicia es responsable de la revisión de las declaraciones de impuestos individuales, federales y multi-estatales. Además de representar a los clientes en las auditorias y resoluciones de problemas fiscales ante el IRS. Provee asesoría de negocios y a su vez incorpora a las empresas a nivel estatal y federal para clientes nacionales e internacionales. Alicia es asesora profesional del programa contable Quick Books e imparte clases del mismo. Alicia tiene una Licenciatura en Ciencia y Contabilidad De la Universidad de Texas en Dallas, es un preparador de impuestos con licencia federal que tiene derechos ilimitados para practicar ante el IRS, ella ha sido reconocida por el Programa del IRS VITA por sus contribuciones a la comunidad por su trabajo en los centros de asistencia de impuestos para contribuyentes de bajos recursos.
1 Comment
|
Categories
All
|