Unemployed, Still Owe the IRS? - WTVM.com-Columbus, GA News Weather & Sports

ConsumerWatch

Unemployed, Still Owe the IRS?

By Zaneta Lowe  - bio | email | Twitter

COLUMBUS, GA (WTVM) - If you are unemployed, but still owe the IRS, that's a tough pill to swallow on April 15th.

It may seem confusing, but IRS officials say there are other sources, besides a full time job, that factor into taxable income.

One example is withdrawals from a 401k.  Plus, any unemployment collected over $2400 is still taxable.

Experts say to balance out the refund, focus on credits that may otherwise be unavailable with a higher income, like the earned income tax credit.

 

©2010 WTVM. All rights reserved.

Powered by Frankly