Wednesday, May 16, 2012

UNEMPLOYMENT BENEFITS

Q:I was laid off last year and fortunately I received unemployment benefits.That really helps as I look for work.I received a 1099 form in the mail.Do I really have to pay tax on this?

A: I am sorry to say but,unemployment benefits are considered taxable income. You will need to include this 1099 when you file your tax returns.

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