Wednesday, March 17, 2010

I resigned from my position in Nov and just found another job in Jan, is their any tax credit btw the period?

none that I know of..

I resigned from my position in Nov and just found another job in Jan, is their any tax credit btw the period?
I'm not sure what you mean by "tax credit". Income tax? You don't pay income tax on no income, while you're unemployed. You do owe income tax on income earned during employment, regardless.
Reply:Did you spend any money looking for your new position? Did you relocate? These are the types of questions that you'd need to address to know if you are due any credits...
Reply:Sort of, in a perverse way -- you won't be taxed on the income that you didn't earn. You can deduct job hunting costs as an itemized deduction if that helps.
Reply:If you itemize your deductions, you could write off expenses for looking for a new job. That is the only tax benefit that you could possibly claim.


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