Advice on not having taxes withheld on SOME unemployment checks?

by on January 30, 2013 in Insurance with 3 Comments

Question by misswrite1: Advice on not having taxes withheld on SOME unemployment checks?
I’m currently unemployed; so far I’ve been selecting to have taxes withheld on my checks. I get $ 860 every two weeks and temporarily need a bit more due to medical issues – providing that I pay the “loan” back at tax time, would choosing to NOT withhold taxes on 2-4 checks equal a huge amount to pay back come April 15th? Thanks for answering.

What do you think? Answer below!

 
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3 Comments on "Advice on not having taxes withheld on SOME unemployment checks?"

  1. 123456789
    says:
    January 31, 2013 at 1:16 am

    Judy, minor correction – first 2,400 in 2009 is tax-free

    Reply
  2. StephenWeinstein says:
    January 31, 2013 at 12:22 am

    You would be required to pay back the amount that was not withheld, in other words the amount of additional money in the checks. If the total that you must pay when you file exceeds $ 1000, then there is a substantial penalty as well.

    Reply
  3. Judy says:
    January 31, 2013 at 12:12 am

    It will depend on your total income for the year and how much you’re having withheld, but for 2009, $ 2500 of unemployment isn’t taxable, so you might be OK.

    Reply

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