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previous page Previous Page: Publication 505 - Tax Withholding and Estimated Tax - Gambling Winnings
next page Next Page: Publication 505 - Tax Withholding and Estimated Tax - Federal Payments
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taxmap/pubs/p505-007.htm#en_us_publink10007303

Unemployment Compensation(p17)


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previous topic occurrence Unemployment Compensation next topic occurrence

You can choose to have income tax withheld from unemployment compensation. To make this choice, you will have to fill out Form W-4V (or a similar form provided by the payer) and give it to the payer.
The first $2,400 of unemployment compensation is excluded from income. All other unemployment compensation is taxable. So, if you do not have income tax withheld, you may have to pay estimated tax. See chapter 2.
If you do not pay enough tax, either through withholding or estimated tax, or a combination of both, you may have to pay a penalty. See chapter 4.
taxmap/pubs/p505-007.htm#en_us_publink10007304

Form 1099-G.(p17)


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If you receive $10 or more in unemployment compensation, you will receive a Form 1099-G, Certain Government Payments. Box 1 will show the amount of unemployment compensation you got for the year. Box 4 will show the amount of federal income tax withheld, if any.
previous pagePrevious Page: Publication 505 - Tax Withholding and Estimated Tax - Gambling Winnings
next pageNext Page: Publication 505 - Tax Withholding and Estimated Tax - Federal Payments
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication