Asked by Srishti Sharma on Jul 21, 2024
Verified
Unemployment compensation income is reported to a taxpayer on a Form:
A) W-2.
B) 1099-G.
C) 1099-UN.
D) 1099-INT.
Unemployment Compensation
Financial payments made to individuals who have lost their jobs through no fault of their own, provided by state or federal unemployment insurance programs.
Form 1099-G
Form 1099-G is a tax form used to report certain types of government payments, such as state tax refunds and unemployment compensation, to recipients and the IRS.
- Comprehend the duties of both employers and employees in the reporting of taxes.
Verified Answer
EH
Evariste HatungimanaJul 24, 2024
Final Answer :
B
Explanation :
Unemployment compensation income is reported to a taxpayer on a Form 1099-G, which reports government payments such as unemployment compensation, state and local income tax refunds, and agricultural payments. Forms W-2 and 1099-INT report wages and interest income respectively, while there is no such thing as a 1099-UN.
Learning Objectives
- Comprehend the duties of both employers and employees in the reporting of taxes.
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