Wednesday, March 4, 2015

" Is Unemployment Income Taxable? "

Unemployment Compensation is Taxable at Federal Level.  Taxpayer receives 1099-G Form stating the Taxable Unemployment Income and Taxes Withheld by Jan 30 of the following year.
Union Benefits may also be Taxable.  Generally, it is a good idea to withhold Taxes form the Unemployment Compensation to avoid future Tax burden.  Fill out Form W- 4V to withhold Taxes from Unemployment Income.
Q & A Contact :  Kash, (925) 963 4891 @ Yajnik & Mehta Associates  (YMA) 
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