Oklahoma Unemployment

March 15th, 2007 Posted by Amelia

You should contact the state Dept. of Labor if you got Oklahoma unemployment last year but did not receive a 1099 by mid-February. The forms were mailed out towards the end of January. If you need a copy of a 1099 form from a previous year, the Oklahoma Department of Labor can assist you with that as well.

Don’t forget that unemployment benefits are taxable. In 2006, $171,856,893.92 worth of unemployment benefits was paid to those out of work. That is a large sum of money and I am sure that the Internal Revenue Service, IRS, does not want anyone to forget to pay any taxes due on that money. Taxes must be paid for both federal and the state. Many people choose to have the taxes withheld during the time of collection. That probably makes it a bit easier to bear including the benefit in tax returns. Having most of the money already paid is better than having to pay it all at once.

During 2006, just over half of Oklahoma’s unemployment benefit claimants opted to have their taxes withheld automatically. This can be a real time-saver. Even then, however, they will still need a 1099 form to file with their taxes. Some states also require that a copy of the 1099 be filed along with state tax returns. Over $6 million in taxes were withheld last year. There were thousands of recipients of unemployment insurance last year, so that figure makes sense.

When times get difficult, it is really good to know that the government has a program like this in place. People lose their jobs all the time, and it isn’t always easy to find a replacement very quickly. Thankfully, there are career programs and job training seminars that can help. At least we can get a helping hand at such a time when we lose our job.

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