Only Income is Unemployment Compensation

I received $20,000 in unemployment. I understand unemployment compensation is taxable income. However, I am able to exclude up to $10,200. The difference that will be taxed after the exclusion is $9,800. Do I still have a filing requirement?

posted

Yes you still need to prepare and file your tax return. The software will calculate how much--if any--of your unemployment is taxable. And some states do still tax unemployment.

Enter your 1099G in Federal>Wages & Income>Unemployment

Go through the screens very carefully, making sure to enter any federal/state tax you had withheld from the unemployment.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**