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I am currently getting Unemployment benefits and have been since March of this year. I have quite a few weeks left. (i think about 40).
I have been actively looking for work, but have gotten my real estate license in the meantime.
If I sell a house for a family member, my commission on that sale is not W2 income and the amount I would get is about $6,000. This is a large amount of money in one lump sum and am worried about losing my unemployment benefits since this may be only a one time sale. I know that in my state, you can do contract work, report the earnings and they will offset the week you would have gotten benefits. But what happens in this case? How is that computed? Will the larger lump sum raise a red flag?
My unemployment benefits are over $600 a WEEK so this is a major thing for me to think about in this process. My remaining benefits with UI are over $23,000 and I don't want to jeapordize them for a one time sale.
However, just to note, WA state does not have state taxes, so they would not necessarily know when I filed my returns if I made that money or not. My paycheck has nothing taken out of it and will only be reported to the federal government in the form of a 1099 at the end of 2010 since this sale will most likely take place in that year.
Well the amount shouldn't be an issue. It shouldn't matter if you earned $1k or $6k, if it is more than your weekly benefit, you won't receive benefits for that week, and then will need to reopen your claim the week after that.
As for the issue that the income would never be reported to the state until next year....I wouldn't want to advocate lying or breaking the law....but if I wasn't going to get that commission check until next year, I don't think I personally would report it. I mean, if it was work I did and the paycheck was going to follow in a few weeks, that I would report. But a year or at least months? I'd report it when the check arrives, if I was still unemployed at that time.
Well the house hasnt sold yet........but it will at some point and I will eventually earn a commission on it. I may or may not continue to sell real estate in 2010, but if I do occasionally sell a property and get a commission, how would the state ever know about it if I didn't tell them? I am not a W2 earner, my state has no employment taxes so I don't file a state return. What is to stop me from claiming all of my benefits and continue to try and sell real estate? The other question is, that although I may earn $6,000 on this deal, I have been working on it here and there for a few months now. Nothing that would stop me from interviewing or taking another job, but definately have done a few open houses and market of the property.
I also would not care one bit if they didn't pay me for the week I collected the commission check, if I could continue claiming the following week. However, with the large amount and nature of what I did to earn that check, I am worried that they will take the benefits away altogether.
I have and am still looking for full time work other than what I am doing, but am not having any luck. So it isn't like I am sitting here collecting a check and not trying.
If I sell a house for a family member, my commission on that sale is not W2 income and the amount I would get is about $6,000. This is a large amount of money in one lump sum and am worried about losing my unemployment benefits since this may be only a one time sale. I know that in my state, you can do contract work, report the earnings and they will offset the week you would have gotten benefits. But what happens in this case? How is that computed? Will the larger lump sum raise a red flag?
I think they review each case to determine if you had enough earnings in previous quarters for which to start a new claim based on those earnings. In your case, I'm not certain if based on $6000 if you would stay under your old claim or if they would want you to start a new claim. If they did want you to start a new claim, unless you paid unemployment taxes on that money you would not have any benefits to draw on.
I am currently getting Unemployment benefits and have been since March of this year. I have quite a few weeks left. (i think about 40).
I am not sure of the exact laws in your state but I am not sure how you would still have up to 40 weeks of unemployment benefits. Are you sure about this? Are you aware that Tier I - Tier IV benefits expire December 26th? After you finish collecting within whatever tier your in after that date, there will not be any additional EUC (emergency unemployment compensation). This will only leave you with any state benefits that may be available, depending on your states legislation.
I definitely do not want to scare you but I would hate for you to think you have 40 weeks left when it may not even be half of that amount.
cityhopper........how would you know what i am and am not eligible for? the unemployment that is available, in some cases allows for up to 99 weeks of benefits............i have gone through my regular claim with my state, and got approved for additional EUC benefits......not sure what tier.........but it was approved for like 14k, and then after the most recent bill being passed, they changed it and upped it to 27k, of which i am currently only able to collect up to like may of 2010 or something like that because that is when those are supposed to last until.........i am 100% sure of it because i just got a notice in the mail like 2 days ago...........
Because, just like he stated, it's all spelled out if you'd look. Whatever tier you're on at the end of the year, unless congress acts, that's what tier you'll finish on. They all expire Dec. 31 2009. If you have 6 weeks left on tier 2 after Dec 31, that's all you'll get. The extension just passed is mainly for those who used up all options already, or soon will. I expect congress will act once again, but until they do, don't expect you'll get "40 more weeks", because you won't......
well i had over 14k left which is like 25 weeks before they even passed the bill..............i think you are mistaken.......i got a notice from the state UI saying i was approved for $27000 in benefits but since the deadline for these claims ended on May 2009, that it ended there even if there was money left over in my claim..........you are also forgetting to notice that some states are different than others...........ours passed an extended unemployment weeks that take over AFTER EUC exhaust.......
so in WA state it goes...........regular UI benefits, followed by EUC benefits, followed by EB (state extended benefits)............
i think too many people are looking at this from a federal perspective and not realizing each states have their own rules as well.........i was on MULTIPLE........and I mean MULTIPLE forums and blogs during the weeks before the bill passed and cannot possibly count how many people just don't get it and make MASSIVE ASSUMPTIONS...........PLUS.........this has nothing to do with my original question......lets stay on course here
This is in addition to the regular claim that people get when they are on UI in our state. I am not in the tier that expires at the end of the year. If you think that everyone expires at the end of the year, you need to do more research.
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