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"Do You Have To Pay Back Unemployment In Taxes"

When the coronavirus pandemic hit, millions of people found themselves unemployed and on unemployment benefits. But when you receive a payment from your state’s unemployment office, do you have to pay it back in taxes?

The short answer is yes. Unemployment benefits are subject to federal income tax and many states also consider them taxable income when filing taxes. The IRS notes that any unemployment compensation you receive must be reported as income on your federal tax return for the year in which it was received. States that impose an income tax may require you to include this income in state returns as well.

If you're expecting a tax refund, remember that the amount of any refunds or credits could be reduced due to the taxable nature of these benefits.

The Law Offices of Omar Zambrano has helped thousands of people and businesses on the past to get out of debt and start over.

Our goal is to help you find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706


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