RobertB4444
Employee Tax Expert

Get your taxes done using TurboTax

Your income up until you were laid off should have had withholding like every other year which hopefully is enough to cover any tax obligations for that.  You don't say whether you had any taxes withheld from your unemployment benefits which will make a huge difference on your federal return.  

 

If you did not have anything withheld then you may have to pay in for those benefits.  California does not tax unemployment, however, so you may still be entitled to a state refund.  Whether the sale of the stock helps or hurts your chances depends on how much you paid for the shares that you sold.

 

Itemized deductions consist of state and local taxes, property taxes, medical expenses over 7.5% of your AGI, charitable contributions and mortgage interest.  The standard deduction for this year for a single person is $15,750 so if you have deductions from that list that are greater than that then you will itemize.  Otherwise, the standard deduction is for you.

 

(edited 01/14/25  12:14 PM PST)

 

@C1duncan 

 

 

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