" What Are The Tax Implications Of Unemployment Benefits? "

Get Unemployment Benefits when you are out of a Job but what are its Tax Implications ?   Read Top Five Consequences Listed Below:

1.  Unemployment Compensation  - Is  Income and Taxable.  Expect Form 1099-G by Jan 31, of the Following Year.. It shows amount of Taxes Withheld if any.

2.  Paid Under Federal Or Sate Law - Various Types of Unemployment Compensation.  Tax Treatment varies depending upon its classification.

3. Union Benefits - Only Benefits in excess of Taxpayer Contribution are Taxable. 

4. Choose to Have Your Taxes Withheld - Use Form W-4V to Withhold Taxes. If you choose not to Withhold Taxes , You may need to make Estimated Tax Payments.

5. Visit irs.gov for more details.

For Q & A Contact :  Kash, (925) 963 4891 @ Yajnik & Mehta Associates  (YMA) 

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