How does unemployment affect a state's income?

History

1 answer:

Bezzdna [24]2 years ago

3 0

Answer:

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Explanation:

Any unemployment insurance benefits you receive are fully taxable income if you are required to file a tax return. At the time you file your claim, you may elect to have the department withhold state and/or federal tax on the benefits you receive. You may change this withholding election one time during the year. The department will send you a 1099-G form at the end of the calendar year showing how much in benefits you received during the previous year. It also shows the amount of taxes, if any, that were withheld. You should use this form when you file your income taxes to report benefits received and any taxes withheld by the department. Questions about filing should be directed to the IRS, to the State Department of Revenue, or to a tax consultant.

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