Filing Tax Returns for Unemployed - KTEN.com - Texoma news, weather and sports

Filing Tax Returns for Unemployed

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It's tax time.  That means you'll be filling out all the forms, but if you're unemployed should you still file?

Anyone living off unemployment will not have to pay taxes if that's your only income.  Unemployed benefits are taxable but because of economy, President Obama is not taxing unemployment benefits handed out during the second half of last year. 

Local accountant Mary Walker explains the process for filling out forms if you are unemployed.  "You can do it on an A, an Easy or 1040 Long.  There's a line on each that says unemployment; you take the difference between your unemployment and $2,400 and that is the number that goes in that line."

This year, if your having trouble paying your taxes, the IRS is willing to help you out through additional flexibility.  Agents are giving you chances to meet with them face to face during open houses to sort out your tax problems.  In some instances, the IRS says they will postpone collection or work through missed payments.  Struggling tax payers can find relief and set up appointments through the IRS web site.

Additional information: Those who only receive social security don't need to file tax return and those who are unemployed do not have to pay tax on unemployment compensation of up to $2,400 per recipient.  Amounts over $2,400 per recipient are still taxable.

http://www.irs.gov/

http://www.irs.gov/pub/irs-pdf/i1040.pdf

Christina Lusby, Reports.

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