Tag Archives: unemployment

Pay Your Taxes On Unemployment Insurance Benefits

When filing your 2012 taxes, make sure you pay taxes on your unemployment insurance benefits.

While the rate of unemployment may be reducing, there are still millions of people who are unemployed. Sadly, these individuals also have to pay taxes on their unemployment insurance benefits.

If you are unemployed and you collected unemployment insurance benefits last year, you must pay taxes on it. After calculating your tax incidence, you will be surprised at the amount of tax you owe the government, unless you requested the federal government to withhold taxes.

The VP of TurboTax, Bob Meighan says that people … Read more at 2011 Taxes.