SYNDICATED COLUMN: The Craziest Tax
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Lost Your Job? The IRS Thinks You’re Loaded My friend was a survivor. Until she wasn’t. She’d made it through 14 rounds of layoffs at her accounting firm. Then came number 15: “I was a telecommuter. When my boss told me to come into the office for a meeting, I knew I was done for. I told her to cut the crap, save me the trip, and fire me over the phone.” I told her how to file for unemployment benefits. In New York, you can get up to $405 a week plus $25 in extra “Obama bucks” approved by the feds back during the hope and change days. (Most states pay less.) Then I warned her: “Remember, set some of that aside. Unemployment benefits are taxable.” In New York, that means roughly 40 percent. She was shocked. You probably are too. When people lose their jobs, they spend their savings. They take out loans against their house. They’re poor—but…
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