First Time Filing for Unemployment – Unemployment & Taxes Part 1 – TurboTax Tax Tip Video

https://turbotax.intuit.com/ Losing your job can be a difficult and uncertain time. We’re here to walk you through filing for unemployment for the first time in a 2-part series.

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Video Transcript ~ Title : First Time Filing for Unemployment – Unemployment & Taxes Part 1 – TurboTax Tax Tip Video
Losing your job

can be a difficult and uncertain time,

it’s likely that your income has dropped,

but you may now qualify for
unemployment compensation.

To receive unemployment benefits,

you must apply through your state program.

Remember that eligibility
differs from state to state

and the IRS considers
unemployment compensation

to be taxable income.

Your state unemployment department

will issue you Form 1099-G

and your total amount of compensation

will be reported in box one.

Compensation typically depends on

the length of your employment,

your earnings,

and the maximum benefit
allowed in your state.

When filing your taxes,

report your unemployment compensation

on your federal tax return

in the additional income section.

You can choose to have income tax withheld

to avoid owing a large
amount on your tax return.

The total federal tax withheld

will appear in box four

and any state tax withheld

will appear in box 11.

Remember, keep all of your forms,

including your 1099-G,
with your tax records.

TurboTax is here to support you.

For more tax tips and
support, visit turbotax.com.

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