I have a question about filing unemployment compensation and social security income tax. When I report my total wages on Form 1040, Line 7, do I include my Social Security income and unemployment?
Regarding filing unemployment compensation and social security income tax, neither Social Security or unemployment benefit payments count as taxable wages so you do not have to report them as income. On your Form 1040, claim:
- Unemployment compensation on Line 19
- Social Security income on Line 20
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If you filed a tax return and owed taxes, but didn’t pay them, you probably have received your first notice from the IRS: the CP14, Balance Due.
Many taxpayers are stumped by Form 1099-K. Find 1099 k instructions and helpful information in this easy-to-read article from H&R Block.
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