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Hi there. this is a duplicate from unemployment forum. I was hoping to get an answer for this question as it is critical for my filing:
Hi so.. basically I did not file taxes in 2007 and the IRS just realized it. I guess i'm facing a bunch of fees * interest * hell but for now i am not sure how bad it'll be so i'm hoping for the best.
My question is about unemployment benefits I received back in 2007. After getting around 13k i was deemed not worthy of them and was put in an overpayment plan that I am still paying off. The thing is, I had federal withholding on that amount back in 2007.
Now, when filing the taxes for 2007, do i need to claim that unemployment income in my income sheet? I'm using TurboTax 2007 and it asked me "amount of unemployment repaid" but i am unsure since we're talking about 2007 here. So basically:
1) Do i report the 13k income w/ ~1,300 withholding?
or
2) 1, but make adjustments based on the amount i paid back since then? or can i just write that i'm paying it all back so therefore it wasnt an income in 2007?
Since i'm paying it back it's not really an income though.. no? More like a loan?
My follow up question is, when can i get reimbursed for the money that was withheld for the IRS? I mean, it's bad enough that i'm paying the money i got, but i am also paying for money that was withheld from me!
That's why i figured i could report the money withheld but not the income meaning that i already overpaid my taxes.. or something like that
Hehe i was not implying i was thinking of not reporting it, just figured maybe there's a "return income" option..
So is it basically a sunk cost? I am paying NJ their unemployment back + IRS withheld but dont get to report that amount as a 'lost'?
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