Tax breaks for the unemployed -, South Georgia News, Weather, Sports

Tax breaks for the unemployed

By Karen Cohilas - bio | email

ALBANY, GA (WALB) – If you've been out of a job this year, you'll still have to complete a tax return, but there are some tax tips you need to know before you do.

The first $2400 you collect of unemployment benefits are exempt from federal income taxes. The rest are taxable.

COBRA health insurance subsidies are also tax exempt. And if you've been looking for a job, you can get a break there too.

Cliff Bush from H&R said, "There's something called job hunting expenses if they do find a job, they can apply some of those to 2% of adjusted gross income. Job hunting expenses would be helping somebody do a resume, hiring a professional organization and also to help you look for additional job."

If you relocated for a new job, you can also deduct moving expenses, if your new job is at least 50 miles away from your previous residence.

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