Here are some important facts from the IRS about unemployment compensation: 1. You must include all unemployment compensation in your income for the year. You should receive a Form 1099-G, Certain Government Payments. It will show the amount paid to you and the amount of any federal income taxes withheld. 2. There are several types of unemployment compensation. They generally...

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If you lose your job or your employer lays you off, you may be able to get unemployment benefits. The payments may be a welcomed relief. But you should know that they’re taxable. Here are some important facts from the IRS about unemployment compensation: 1. You must include all unemployment compensation in your income for the year. You should receive...

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