The IRS has issued relief for those who are presently receiving or received unemployment benefits in 2009. When you file your tax return this filing season, the first $2400 of unemployment will not be included in your taxable income.
The amount of unemployment compensation over $2,400 received by each individual is taxable.
Unlike wages, no tax is withheld from unemployment unless you specifically request it by submitting a completed Form W-4V - Voluntary Withholding Request to the unemployment office where you applied for benefits. Once your request is processed, 10% of your benefits will be withheld for federal taxes. Also, you may be able to deduct some of the expenses of finding your next job.
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