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Bill
Bill, Enrolled Agent
Category: Tax
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Experience:  EA, CEBS - 35 years experience providing financial advice
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What happens when I report unemployment during the same ...

Resolved Question:

What happens when I report unemployment during the same time as my employment with my current job?
Submitted: 8 years ago.
Category: Tax
Expert:  Bill replied 8 years ago.

Customer,

If you received unemployment compensation from your state during the year then it must be included in your income for federal tax purposes. You should receive a Form 1099-G showing the amount that you received.

http://www.irs.gov/individuals/employees/article/0,,id=130505,00.html

http://www.irs.gov/instructions/i1099g/ar02.html

see page 24 - http://www.irs.gov/pub/irs-pdf/i1040.pdf

 

 

 

Customer: replied 8 years ago.
Reply to Bill's Post: Bill thank you for your response. I, however, don't see the answer to what, if any penalties are involved. The links are useful for forms and instructions. What are the consequences for collecting unemployment while working? Can I go to jail?
Expert:  Bill replied 8 years ago.
Are you saying that you received unemployment compensation while also working?
Customer: replied 8 years ago.
Yes. What will happen? Will I owe, go to jail, how will I be penalized?
Expert:  Bill replied 8 years ago.
Generally, you have to repay the funds that you received and also pay a fine. Imprisionment is a last resort and generally not imposed unless there are egregious circumstances. There should be a state website that provides information on the unemployment compensation program rules applicable for your state. You may also want to call the state and ask general questions regarding this type of situation.
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