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March 10, 2009

Unemployment benefits come with a surprise: income taxes

By DAVE CARPENTER
AP Personal Finance Writer

CHICAGO — Some Americans are learning a jarring lesson about unemployment as they prepare their tax returns.

At a time when the newly laid-off are swelling unemployment rolls to record numbers, the painful surprise for many is that jobless benefits are taxed like income. That leaves many on the hook for hundreds or thousands of dollars because the taxes aren't automatically withheld from benefit checks.


 
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