I worked six months and have been collecting unemployment they have been taking out for taxes.?

Question

I was laid off in june and began receiving benefits in july. they have been taking out for taxes. My wife hasn't worked but 2mo the whole year. I was claiming one on my w4. will i have to pay in this year or will i brake even.

Answer 1

How much did you make at your job and do you have children as dependents since your income may not be as much as mormal you may qualify for an unearned income credit I think you should be ok and ot have to pay in anything i just lost my job in Oct so wish you luck in finding a new job

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Answer 2

unemployment benefits are taxable income after the first $2400 (in 2009) - without knowing what your combined earnings and fed withholding taxes are, it's impossible to know what your final tax situation will be - if they ARE withholding taxes from your unemployment checks,sound like you probably will not owe any tax

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Answer 3

It will depend on your total income for the year.
The first $2400.00 of your unemployment is not taxable for 2009 (subject to change).
You will have to wait until congress gets done with any changes in the tax laws and you get your W-2's and 1099's.
Then there are the adjustments to income,credits and deductions that you may be able to take.
I hope you have been keeping track of legitimate tax deductions during the year in case you can itemize.

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Answer 4

My ever cloudy crystal ball says you will get a refund.

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Answer 5

Dear N: Go to www.hrblock.com and enter your family total wages plus all of your unemployment minus $2400. Do you have kids? Any other credits?

The calculator is very user friendly and will calculate your refund. You can enter the amount with held for taxes this year (look on your last pay stub).

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent

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