2011/02/25
Will I get a tax refund on 2010 unemployment? | Get Tax Refund
Question by wildmick21: Will I get a tax refund on 2010 unemployment?
I was without a job during all of 2010. I collected unemployment the entire year. Someone told me not only do I have to file a tax return, but that I would OWE tax money. I knew I would have to file, but assumed there would be a refund. Anyone know the story on this?
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Someone told you wrong. All of unemployment is taxed for 2010.
so you owe
What do you think? Answer below!
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Filed under Get Tax Refund by on Feb 25th, 2011. Comment. 
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Comments on Will I get a tax refund on 2010 unemployment? | Get Tax Refund
Why would you assume there was a refund? If you paid taxes on your unemployment during the year then you might get a refund. If you didn’t pay any taxes out of that money then you will owe taxes. It is all counted as income as if you had a job. It will then depend on what deductions you have and amount you made whether you get a refund.
Depends. On the form you received indicating the amount of income you received as umemployment, there should be a box indicating how much federal taxes was withheld. If there was none, then you would have to pay taxes.
The unemployment counts as income by the IRS. So if you did not withheld taxes, then you would have to pay taxes.
It also depends on the amount. Take the amount of unemployment and minus 9350 (standard deduction and exemption, assuming you have no dependent and is single) and that would result in your taxable income.
Look it up using the IRS tax table and it should show how much taxes you owe.
There was a $ 2400 exemption for unemployment in 2009 but it expired and was not renewed for 2010, which means that unemployment is fully taxable in 2010.
Its possible that you’ll get a refund or its possible that you’ll owe. It depends on how much unemployment you got, how much (if any) you had withheld for taxes, what your filling status is, and how many (if any) dependents you have.
If you’re single with no kids, your income can be up to $ 9350 before you have any tax liability. If you’re married and/or have kids, then the amount is even higher.
You won’t qualify for any refundable tax credits because they all required you to have earned income, and unemployment does not count as earned income. But, if you had taxes withheld in excess of your tax liability, you would get a refund of the excess amount.