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dustin
Guest
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| Posted: Sat Jan 31, 2004 4:29 pm
Post subject: unemployment |
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im not quite sure where to report this on the fafsa?? It was my
step-mother who recieved unemployment for last year. Does it go in
worksheet A? B? C? does it get reported under "mother's earned
income"?
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Steve Blank
Guest
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| Posted: Sat Jan 31, 2004 10:26 pm
Post subject: Re: unemployment |
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Unemployment compensation is taxable. If a tax return will be filed then
it is already included in Adjusted Gross Income and does not go in any
of the Worksheets. That would double count it.
If a tax return will not be filed, then it's a Worksheet B item.
It is not mother's earned income - that's only for income from work,
which unemployment is not.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
dustin wrote:
| Quote: | im not quite sure where to report this on the fafsa?? It was my
step-mother who recieved unemployment for last year. Does it go in
worksheet A? B? C? does it get reported under "mother's earned
income"? |
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| Back to top |
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dustin
Guest
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| Posted: Sun Feb 01, 2004 5:20 am
Post subject: Re: unemployment |
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Steve Blank <steve@randallblank.com> wrote in message news:<JOPSb.2356$Vb3.1497@newssvr31.news.prodigy.com>...
| Quote: | Unemployment compensation is taxable. If a tax return will be filed then
it is already included in Adjusted Gross Income and does not go in any
of the Worksheets. That would double count it.
If a tax return will not be filed, then it's a Worksheet B item.
It is not mother's earned income - that's only for income from work,
which unemployment is not.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
dustin wrote:
im not quite sure where to report this on the fafsa?? It was my
step-mother who recieved unemployment for last year. Does it go in
worksheet A? B? C? does it get reported under "mother's earned
income"?
|
Isn't social security tax taken from unemployment? because if i dont
claim this under "earned income" then the formula wont account for
social security tax coming out of her unemployment
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Steve Blank
Guest
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| Posted: Sun Feb 01, 2004 8:26 am
Post subject: Re: unemployment |
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Unemployment compensation is not considered wages and is not subject to
social security taxes. It is subject to income tax. You'll be able to
see this when Mom gets her 1099-G tax form from the state which will
show what was withheld, if anything, in federal or state tax - but there
will be no deduction for social security taxes. Unemployment
compensation is reported on the 1040 line 19 (line 13 on the 1040A), not
Line 7 which is for wages.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
dustin wrote:
| Quote: | Steve Blank <steve@randallblank.com> wrote in message news:<JOPSb.2356$Vb3.1497@newssvr31.news.prodigy.com>...
Unemployment compensation is taxable. If a tax return will be filed then
it is already included in Adjusted Gross Income and does not go in any
of the Worksheets. That would double count it.
If a tax return will not be filed, then it's a Worksheet B item.
It is not mother's earned income - that's only for income from work,
which unemployment is not.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
dustin wrote:
im not quite sure where to report this on the fafsa?? It was my
step-mother who recieved unemployment for last year. Does it go in
worksheet A? B? C? does it get reported under "mother's earned
income"?
Isn't social security tax taken from unemployment? because if i dont
claim this under "earned income" then the formula wont account for
social security tax coming out of her unemployment |
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