Welcome Guest. Register Now!  


For 2009 Tips for tax year 2009


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-11-2010, 04:32 PM
Samatg's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 291
Post Five Important Facts About Your Unemployment Benefits

Taxpayers who received unemployment benefits in 2009 are entitled to a special tax break when they file their 2009 federal tax returns. This tax break is part of the American Recovery and Reinvestment Act of 2009.

Here are five important facts the Internal Revenue Service wants you to know about your unemployment benefits.
  1. Unemployment compensation generally includes any amounts received under the unemployment compensation laws of the United States or of a specific state. It includes state unemployment insurance benefits, railroad unemployment compensation benefits and benefits paid to you by a state or the District of Columbia from the Federal Unemployment Trust Fund. It does not include worker's compensation.
  2. Normally, unemployment benefits are taxable; however, under the Recovery Act, every person who receives unemployment benefits during 2009 is eligible to exclude the first $2,400 of these benefits when they file their federal tax return.
  3. For a married couple, if each spouse received unemployment compensation then each is eligible to exclude the first $2,400 of benefits.
  4. You should receive a Form 1099-G, Certain Government Payments, which shows the total unemployment compensation paid to you in 2009 in box 1.
  5. You must subtract $2,400 from the amount in box 1 of Form 1099-G to figure how much of your unemployment compensation is taxable and must be reported on your federal tax return. Do not enter less than zero.
For more information, visit IRS.gov/recovery.

Links:



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Five Important Tax Credits Samatg Tax Credit 6 11-21-2017 12:27 PM
10 Important Facts about the Extended First-Time Homebuyer Credit Samatg For 2009 0 11-25-2009 03:29 PM
How much of the unemployment benefits is non-taxable in 2009? TaxGuru Miscellaneous 0 09-07-2009 02:59 PM
Six Important Facts about Tax-Exempt Organizations Samatg General 0 03-27-2009 10:34 PM
First $2,400 of Unemployment Benefits Tax Free for 2009 Samatg Tax News 0 03-27-2009 12:38 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.