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My fiancee was the only one to work this past year ('09) he worked at his job until April and was laid off then he began receiving unemployment. He is also going to school full time since the lay off and since he is unable to find a job. He received the Pell grant which paid for his first semester and second semester classes and he just started receiving military funds which is called the G.I. Bill. We have two daughters but are not married. How will this effect our Income tax and will we have to pay in? We are struggling now with him in college and I am HOPING we won't have to...
It's unlikely you will have to pay in unless your income is unusually high, but I can't say since I don't have all your info. He may qualify for credits like the EIC and such depending on income levels and whether he is the one to claim the children and you. The first $2400 of unemployment is not taxable for 2009, but anything above that may be. Your best bet is to plug everything into a tax calculator ( turbo tax, hrblock, and all the big internet sites have them for free). It will give you an estimate of what to expect. You should receive forms for the unemployment and possibly some of the education expenses. Education expenses may qualify for credits as well if you paid any with loans or out of pocket money. Pell grants and GI bill monies don't count for those.
Cindy (Me) and Mark (DH) Parents to
Jamie Deborah Diane born 11/27/07
Alyssa Noel born 12/16/02 and Kaitlyn Marie born 05/27/10