FC Community
Discussion Boards => Support => Topic started by: sroth88 on February 01, 2010, 10:06:23 am
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My friend wants to join but they are receiving unemployment and have to claim earned income...is this something that needs to be reported? or is such a small amount that they don't need to bother?
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so I guess either no one knows or no one wants to answer the question????
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Unless they make over $600 a year, this income is not reported to the IRS, so no, for unemployment purposes I don't think this is considered income.
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NOTE: I am not a lawyer, nor an accountant, and this is not tax advice. CONSULT A TAX PROFESSIONAL.
The $600 / year applies to FC's reporting obligations.
No matter how much you make, you are *probably* required to report it to the IRS - even if you don't end up paying any taxes on it. Under $600 or over $600, it's all dollar bills to Uncle Sam. They just don't want to deal with the paperwork unless there is more than $600 at stake, so we don't have to report small amounts.
NOTE AGAIN: I am not a lawyer, nor an accountant, and this is not tax advice. CONSULT A TAX PROFESSIONAL.
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No your friend don't have 2 worry about dat because she or he is not bein ask for da Social Security Number to do this if da was 2 ask for it then she or he will have a problem with da unemployment or just report it .........so I don't think so cuz dat mean we all will be doin it any way long as u don't use ur social security number da don't know if u doin this or not
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If you make enough and you don't report it they can take all your money, so i'd ask a tax professional, like admin said.
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Under the condition of my unemployment, I'm allowed to make $50 a week without effecting my unemployment.
I would ASSUME, your friend has similar conditions.
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The regulations tend to vary from state to state. Here's an article I found: http://www.associatedcontent.com/article/1168266/can_i_work_part_time_and_still_get.html?cat=3
Bottom line, as I've been suggesting, is that ALL amounts must be reported, no matter how small. Your FC earnings are likely to be under the threshold that triggers a reduction in your unemployment benefits. It's really a good idea to report everything, because they can come after you later and make you repay the benefits plus penalties and interest. And there are even criminal penalties.
As always... I'm NOT a lawyer and I'm NOT an accountant, this is neither legal nor tax advice, and you should seek the help of a professional who can understand your personal financial situation.