I am 66, retired and living on social security and for the past year have also been receiving unemployment. Do I have to pay taxes on the unemployment.
I am 66, retired and living on social security and for the past year have also been receiving unemployment. Do I have to pay taxes on the unemployment.
Unemployment benefits are considered income. Therefore, you do have to pay taxes on these benefits. You may want to consider having taxes taken out of the benefits before you receive them, just as you would have taxes withheld from your payroll. That way, you should not have a large tax debt when you file your taxes on April 15th. Alternatively, if it is possible you can pay estimated taxes during the year.
Regards,
Mary E. King, Esq.
www.taxlawyerflorida.com or (877) SOS-TAX-LAW
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