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Listener Question: “Do you have to pay taxes on unemployment?”

Listener Question: “Do you have to pay taxes on unemployment?”

FromMoney Rehab with Nicole Lapin


Listener Question: “Do you have to pay taxes on unemployment?”

FromMoney Rehab with Nicole Lapin

ratings:
Length:
13 minutes
Released:
Apr 8, 2021
Format:
Podcast episode

Description

Nicole gives a listener advice on what to do about taxes if you filed for unemployment last year, and debunks Dave Ramsey’s statements that people collecting the stimulus check are "screwed." Nicole says: You are not screwed.From This Episode:Report your unemployment benefits on your Federal Tax Return, which will say “Form 1040”.You’ll need Form 1099-G, which you should have received from your state. You can see how much you received in unemployment benefits in Box 1.You’ll need to report this amount on your tax return on line 7, Schedule 1. You also have to report any taxes that were withheld from your unemployment benefits… to find that number, look at that trusty Form 1099-G again… the amount of taxes that were withheld from your unemployment benefits is in box 4. You report that amount on line 25b of your tax return.If you have an income of $72,000 or less, you can file for free using the IRS Free File program.If you’re a veteran, check out MilTax for free filing options.Find out more about VITA here. VITA is an organization that offers free tax coaching to folks in low-mid income brackets, as well as persons with disabilities, the elderly and individuals with limited English proficiency who need assistance in preparing their taxes.  Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.
Released:
Apr 8, 2021
Format:
Podcast episode

Titles in the series (100)

Ever notice that we will talk about everything before we talk about money? Sex? No problem. Politics? Bring it on. Money? Totally taboo. But not for long! Nicole Lapin--the only financial expert you don’t need a dictionary to understand, New York Times best selling author of Rich Bitch, and host of Money Rehab--is here to rehab your wallet, so you can get your financial life together once and for all. Episodes are just ten minutes-ish... no frills, just bite-sized tips and tricks so you don’t waste any time. And Nicole wants to hear from YOU! Email the money questions you want answered to MoneyRehab@NicoleLapin.com and Nicole will help–and you could even join Nicole on the show for a one-on-one intervention.