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Megan C
Megan C , Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16539
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I was collecting unemployment in Maine for months during the

Customer Question

I was collecting unemployment in Maine for months during the year 2011 and found out that I was supposed to be collecting through Wisconsin for 12 weeks or so and then Washington for the remainder. I received back payments for those claims from both WI and WA and was told that I had to pay back over $5000 to the state of Maine. In the meantime I have to pay taxes on all the money I received during 2011 including over $40,000 that I earned before receiving ANY unemployment conpensation.
Submitted: 3 years ago.
Category: Finance
Expert:  Megan C replied 3 years ago.

MyVirtualCPA :

Thank you for your question and thanks for using JustAnswer.com

MyVirtualCPA :

How are you today?

MyVirtualCPA :

Unfortunately, you will have to pay tax on the unemployment benefits the year that you pay them

MyVirtualCPA :

and then if you have to pay them back you can deduct this as an itemized deduction on the year you pay it back

MyVirtualCPA :

But, you have to itemize your deductions to get this deduction

Customer :

I'm getting ready to complete my 2011 taxes and have a refund coming back. Should I worry about the IRS coming after me for 2012 taxes as I made over 120K and plan on oweing them some money. What do you recommend>

MyVirtualCPA :

I wouldn't worry about the 2012 taxes...you have until October 15 if you filed an extension. All you need to do is file your taxes and make payment arrangements.

Customer :

I purchased some property in Maine in late Sep 2011 from my uncle and had the land surveyed. It turns out that my neighbor's (who is my cousin and my uncle's daughter) fence line goes about 6 feet onto my property. Since I started a restaurant there and could utilize the entire property for my needs, what legal rights does she have to deny me placing a telephone pole on the property line inside her pasture. She has 6 thoroughbred riding horses and lives on a 100 by 150 foot lot in a commercial zoned area. She relies on my permission to use my driveway to get to her barn twice a year to store hay. What are my rights as the new property owner? She has been living there for over 20 years.

MyVirtualCPA :

I'm sorry, I am only able to answer your tax question. You will need to open a new question in legal to handle this issue

MyVirtualCPA :

Is there anything else that I can assist you with today?

MyVirtualCPA :

I'm truly sorry I am unable to answer your legal question. I am not an attorney, but a CPA. If you have any more follow ups on the tax question, please let me know. Otherwise, please rate my response as "excellent" so that I may receive credit for assisting you today. Thanks again.

Expert:  Megan C replied 3 years ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer