If I receive unemployment insurance, are my benefits taxable?
Unemployment benefits are taxable income. They are subject to federal and state taxes (if your state taxes income). You can choose to withhold 10% in federal taxes from your benefits by completing a W-4V and giving the form to your unemployment office. Some states automatically withhold taxes; some states do not. Go to your state’s…
Read MoreWhat is the Standard Deduction?
The standard deduction is the amount of income you get to deduct from your total taxable income. Because the standard deduction lowers your taxable income, it means you pay less income tax. In 2019, the standard deduction for someone filing as single is $12,200. For a Head of Household, the standard deduction is $18,350. And…
Read MoreCan I file taxes if my income was only SS and SSI?
Submitted by Veronica C. Living on only social security income tells me that you are resourceful and doing a good job managing your money. (SS is the benefit that you pay into during your working years and SSI is supplemental income designed to provide additional support for specific situations.) This question is tricky because I’m…
Read MoreDo I Need to File a Tax Return?
Hi, I’m Kasey, and I’m a tax expert here with Intuit’s TurboTax. I’m here today to talk about some frequently asked questions that many taxpayers have. Do I need to file? Not everyone is required to file a tax return every year. Generally, if your income doesn’t exceed certain thresholds, you don’t even have to file a return. The…
Read MoreShould I use money in a mutual fund to fix my basement?
“I have some money in a mutual account that I transferred from an IRA account. I want to use some of this money to fix my basement. Should I?” Submitted by Pauline B. I’m going to have to make a few assumptions here to respond to your question. It seems you transferred funds from an…
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