Lost job - what do I need to do on my taxes?

[jms9913]

So, I lost my job in mid November but until then my employment was the same as the year before. I am wondering if there is anything I need to do or explain when I file?

[DoninGA]

No, on a tax return there is nothing that requires you to explain your employment status. 

[VolvoGirl · Accepted solution]

You just report your total income for the year.  Everyone has changes every year.  Income goes up or down, people retire, etc.  Lots of things change.

[jms9913]

Thank you for your quick reply! I am grateful for the advice. I am still a bit new to the process and appreciate the help with understanding how it works! Thank you!

[VolvoGirl]

Was that your first job?  Haven't you filed a tax return before?  You will get a W2 by the end of January from your employer reporting your wages for the year.  You enter the W2 into Turbo Tax and any other forms you get like a 1099 for bank interest, dividends, etc.  If you get unemployment you will get a 1099G. Do not file your tax return until you get all your tax forms in the mail.

[xmasbaby0]

If you have received unemployment compensation in 2020 you will need to get your 1099G from the state's unemployment web site in late January/early February.  Unemployment is taxable income and must be entered on your federal tax return--and maybe on your state return

Unemployment compensation is taxable on your federal return.  Enter your 1099G for unemployment in Federal>Wages and Income>Unemployment

You might need to get your 1099G from the state’s unemployment site.

STATES THAT TAX UNEMPLOYMENT BENEFITS

AZ, AR, CO, CT, DE, DC, GA, HI, ID, IL, IN, IA, KS, KY, LA, MA, ME, MD, MI, MN, MS, MO, NB, NM, NY,NC, ND, OH, OK, OR, RI, SC, UT, VT, WV, WI

Unemployment compensation is taxable on your federal return.  Enter your 1099G for unemployment in Federal>Wages and Income>Unemployment.  You might need to get your 1099G from the state’s unemployment site.

STATES THAT DO NOT  TAX UNEMPLOYMENT BENEFITS on the state return

AK, CA, FL, MT, NH, NJ, NV ,PA, SD, TN, TX, VA, WA, WY