Is unemployment income taxable?

Answer by  EarlOfSandwich (177)

Unemployment compensation in excess of $2400 per person is taxable. You should receive a form 1099-G showing total unemployment received. Enter the amount over $2400 on your 1040 form.

Answer by  Kurt (4579)

Yes, unemployment income is taxable. You should have been given an option when you signed up for unemployment about how much taxes you wanted withheld when you were asked to fill out a W 4 form. It is wise to have taxes withheld on unemployment to avoid a tax problem.

Answer by  technogeek (6640)

Unemployment income is taxable, and if you are still collecting, you can have taxes deducted from your payments on each check.