Posted by Randy Park, 3 replies
Are unemployment benefits taxable?
Sorry, yes, that is a line item on pg 1 of 1040.
#RESOURCE: Although it doesn’t seem quite fair, the IRS does consider unemployment income as taxable income, as do most states.
On the bright side, if your sole source of income during 2015 was from unemployment, you might not have enough income to be required to file a return.
Unemployment income is reported on Form 1099-G. After you enter your unemployment income, we’ll figure out how much (if any) is taxable by the IRS and your state.
#Cathy Roberson, Freelance Writer
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San Francisco, CA 94108