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FAQ / What if I receive unemployment compensation?Unemployment compensation you received under the unemployment compensation laws of the United States or of a state must be included in your income. It is taxable income. If you received unemployment compensation, you should receive Form 1099-G showing the amount you were paid and any federal income tax you elected to have withheld. For more information, see Publication 525, Taxable and Nontaxable Income. Note: The American Recovery and Reinvestment Act temporarily will change the taxation of unemployment benefits for the 2009 tax year only. Under the new economic stimulus law, the first $2,400 of unemployment benefits received in 2009 will not be subject to federal taxes. The exemption will be reflected on those tax returns filed in 2010. Keywords: form 1099, us law, |
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NewsDecember 5, 23Taxpayer Beats IRS in Landmark Case on foreign bank reporting for dual residents Read More » December 4, 23 MO woman spends 5 years trying to get her nameless grandson a name and a birth certificate Read More » November 30, 23 New York enacts clean slate legislation for old criminal records Read More » November 29, 23 Russian soldier forges death certificate to dodge Ukraine War Read More » |