I had an estimated tax return of about $1,600 before i entered my 1099-G for unemployment benefits, which afterwards dropped to about $884. Why did this happen?
02315
2 Replies
Bsch4477
Level 15
Feb 5, 2022 5:26:36 PM
You are taxed on unemployment benefits.
DoninGA
Level 15
Feb 5, 2022 5:28:43 PM
Unemployment compensation is taxable income. Adding this increased your taxable income thereby increasing the taxes on the taxable income.