Did you know that unemployment payments you receive are taxable and that you can choose to have federal income tax withheld?
Unemployment is taxable and should be included as income for the year. Taxpayers should receive form 1099-G, Certain Government Payments, by Jan. 31 showing the amount received and the amount of any federal income tax withheld. Those who receive unemployment can choose to have federal income tax withheld. Those choosing not to have tax withheld may need to make estimated payments throughout the year.
For more information, contact Todd Mershon, CPA, at (770) 287-7800 or firstname.lastname@example.org. Stay tuned for more tax tips or follow them on our social media accounts every #TaxTipTuesday!