| Tax Tips for Those in Career Transition |
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1. Unemployment Benefits are Taxable Severance payments, sick pay and unused vacation pay also are taxable as income by the federal government. Some states also tax unemployment benefits. Anyone who received any unemployment benefits should receive a form 1099-G reflecting total unemployment compensation for the year. A taxpayer would generally enter that amount on line 19 of form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ.
*Please consult a tax professional
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