I recieved umployment benefits for a half a year for 2008 when i do my taxes on 2009 do i have to pay taxes?

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I recieved umployment benefits for a half a year for 2008 when i do my taxes on 2009 do i have to pay taxes?

bostonianinmo

Unemployment compensation is fully taxable as ordinary income. You'll receive a Form 1099-G from the state. If you didn't choose to have taxes withheld from your UI benefits there's a good chance that you will owe when you file. Even if you did choose to have taxes withheld, the withholding is limited to 10% so you still could wind up with a tax debt at filing time depending upon your total income for the year.

Nettie

Yes, you have to pay taxes on it. You should receive a 1099. Use this along with your W2 to calculate you income and you taxes. If you need help, check out the IRS website.
http://www.irs.gov/

Liberal AssKicker

If that's your only income, you still have to file, and you might owe something.

(Last time I was unemployed, they took taxes out of my weekly benefit. You have to file if you want to get that back.)

suzanne e

That depends on if you had taxes held on your unemployment checks. They always ask if you want taxes held. Hopefully you did because you will have to pay if you did not. The average tax percentage is approx 24%. If you did not have them take taxes out of each check, add up all money earned, times that by 24% and you will have the amount you will owe. If thats the case, ask your accountant about write offs you are entitled to and they will offset this amount.

src50

Yes. You will receive a 1099 form for your UI income.

Jss

Yes, unemployement benefits is your income.
Read 2008 filing requirements for most taxpayers http://taxipay.blogspot.com/2008/10/2008-filing-requirements-for-most.html

Bobbie

depends on how much taxes you paid the other half of year.you did not mention if you worked that other half.if so it will depend on how much you paid into taxes.you might owe or just get less of a refund

Emily K

yes

abcd

What you made in earned and unearned income will decide if you have to pay or not. If you made under a certain amount they might owe you money.

kibibetunda

I don't know ask your boss.

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