What is Form 1099-G and how does it impact my taxes?!

In this video, Alexander Efros, MBA, EA, CPA, CFP® from Efros Financial answers a tax question from Reddit.
Efros Financial is a Los Angeles-based CPA firm providing financial planning and tax preparation/resolution services.
Visit Efros Financial online -- we're here to help! www.efrosfinan...
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[@FabioCrow07770]

That's one smart 5 year old..I couldn't follow this to save my life lol

[@jayalexander929]

This shit made my head hurt.

[@martimor3650]

Koo I ain’t the only one

[@ryanbest1605]

Felt like I was in one of them college classes

[@BeautifulB2025]

I still don’t understand

[@ricardoalvarado4990]

Did he even answer the dudes question

[@hilmerarevalo3256]

🤣🤣

[@bigdawg4lyfe97roberts9]

riteeee!???? so he basically sayin we OWE.

[@MaiBlessed]

Lmfao 🤣 Fr this niggah ain’t answering his question 🤦‍♀️ I wasted my time waiting for the answer 🙄

[@belladonnagammidge8572]

I got help from thechinahacks financially .They got me a transfer of $38,000 just yesterday .

[@SandyKay1970]

Ok...I thought it was just me. Why can't it be a simple answer? I just need to know where to put it.

[@marvinmeza-d7b]

Made perfect sense thank you

[@home-ownersupport5778]

Dude definitely asked him to explain it in layman's terms -

[@Ad-jq7xz]

This was my exact issue as your viewer who posed the question. Thank you very much for this video and explanation!

[@ladyvatalani99]

Why does my 1099-G form look different? Box 1 says tax year and box 2 says state tax. Those are the only 2 box's

[@joseamaro3810]

I tried to do my taxes for year 2021 on turbo tax and I got one of these 1099 G and didn’t understand why , but this kind of helps . I’m never doing taxes on my own again 😂😂😂😂

[@lisajenckes7529]

First time receiving a 1099G - once added to my current Tax form - it reduced my refund by $71 - I only made an extra $ 60 on the previous tax yr. How do you know if itemizing one year will hurt you the next year? Thanks for the video explaining the 1099G!!

[@GoldDiamondShop]

Basically, if you took the "standard deduction" then you can disregard the notice. If you "itemized your deductions" with "Schedule A" then you will have to file this income.

[@Bojerthe]

well that is correct but he received the 1099-g which means the IRS already has a copy in which case he should file because it doesn't mean that he will pay as in some cases you could get a refund. and also always enter your itemized deductions even if your software takes the standard for federal as the state is completely different from Uncle Sam. Also, you can take standard for federal and itemize for state if you choose so. Hope this helps out anybody out there.

[@TheAdithya1991]

Thank you brother!

[@luisweast]

The 1099g might as well be called the g spot.... Cause I'm lost

[@oazlast8844]

What does 1099G mean, did the government decide on your unemployment benefits or not?

[@RawRozay]

I just filed my taxes but forgot to include my 1099-G for unemployment. The amount on the 1099-G was significant (~$3500). How screwed am I?

[@EfrosFinancial]

While I unfortunately cannot provide any direct tax advice pertaining to your particular situation, in general, if $3,500 in unemployment benefits is omitted from an income tax return, it may be prudent to file an amended income tax return for the year to avoid the possible assessment of penalties and/or interest. As an alternative to filing an amended income tax return, a "superseding" return may in some cases be filed prior to the applicable tax return filing deadline to correct issues identified shortly after the filing of the "first" original income tax return. Either way, I strongly suggest that you consult with a qualified tax professional to ascertain the most prudent approach to address this situation.

[@raytahslyfeee7547]

@@EfrosFinancial I have never filed taxes before so I’m lost to most info . I got PUA in the state of PA and I got an email about 1099g . But not with any amount of money on it . Does this mean I’m paying the government money or they are giving me money ?

[@belladonnagammidge8572]

I am so grateful to thechinahacks for helping me out .They got me a transfer of $38,000 yesterday .

[@oazlast8844]

@@raytahslyfeee7547 did you finally consider what it means?

[@walljoy]

Very helpful. Thank you! I had a very detailed question for you on how to figure the 1009G and where to enter it. But after exhaustive searching, I located my 1099G over payment of state taxes document for 2022 and found the "State and Local Income Tax Refund Worksheet" in the 1040 instruction booklet. I entered the info for tax year 2021 and my current 1099G (which reflects 2022 info) and figured out what to do. After doing the calculations, I then enter the taxable amount on line 1 of 1040 and it is reported as income. What a confusing and complex process. Thank you so much for your guidance, however...very much appreciated!

[@boredinthehouse105]

hey what happened if I did not make any income in 2019, but I did in 2018; and then I received Form 1099-G from my 2018 tax return? How do I file a tax return then?

[@dannybproductions1845]

What I assume is a little simplification is "if you itemize you'll get a 1099 g but if you took the standard reduction you won't."

[@Alexrodriguez-lb2wz]

Probably one of the easiest videos to follow!

[@johndeaton7968]

Not one of the videos actually have somebody help you do a step-by-step filling out the actual 1099G

[@jameshaliday1929]

nice ,how about where to include 1099 wages on a 1040,adjusted gross income?

[@jamshidkarimi2158]

Awesome brother 🎉

[@TSN2200]

My God, he said explain like I’m 5 not the in most confusing, rambling, complicated way 😂 thanks though... I guess

[@MaiBlessed]

🤣🤣🤦‍♀️ he’s not even answering the dude 😩

[@businessjay2839]

legend thank you so much sir

[@EfrosFinancial]

Thank you for your kind words -- much appreciated! :D

[@businessjay2839]

@@EfrosFinancial I subscribed to you. glad you exist

[@EfrosFinancial]

Likewise -- welcome! :D

[@breezy4052]

do I have to file the 1099-G if I don't file taxes and am a dependent?

[@balvincortes9843]

I don’t file taxes either but I just received 1099-G do I still have to file?

[@GeosRealityReport]

Question. Lets say someone claims partial unemployment but they don’t report last minute hours worked. Does that person have to pay it back next year during tax season?

[@marcogonzalez4615]

What if the state/property taxes exceeds 10k? Will that have an impact on the 1099g sent for the refund, even if the max is 10k

[@lapear6068]

I haven't work since the covid 19 so if I didn't work for 1 year do I need to file taxes

[@nikkakillss]

yes you do youll need the 1099 if you didnt work all year and you got payed you prob got around 20k from unemployment which is taxable imcome

[@susanbehme7518]

Best KZbin tax content videos! Kudos on showing how to google sites and forms to implement in your context. You should have more subscribers! You’ll get there.

[@EfrosFinancial]

Thank you for watching and for your kind words! Feel free to subscribe if you haven't already because there's a lot more content to come! :D

[@japerkins3565]

I did not come away with what the finding was? Did this he owed money or was getting money back?

[@CumminsN14DBest]

I Have A Request, Can You Do A Video on How to File Your Taxes wen you have a W2 & 1099g and apply the &10,200 tax free benefit? Because a Lot of People lost their jobs and then started collecting UI, so now that its tax filing time, the task can be very daunting filing out your Tax forms with w2 info as well as your 1099g info. Thanks

[@Ariel-nn9ug]

what 5yr old he be talking too?

[@christinewillie7599]

Does the 1099g count as income for 1040 tax purposes

[@josephwinslow7613]

Guy, you don’t know what you are talking about. Because 1099-G is reporting your unemployment earnings to the IRS.

[@chantalecherry]

The answer is you owe money if you got more than what you should’ve! Lol that’s what I got! Why does my 1099-G looks different??

[@ladyvatalani99]

Did you ever figure this out? Mine looks different too

[@CraZzy3n3rGy]

Appreciate it. Have to dust up on my lacerate skills after moving jobs.

[@LM-nu3em]

Where’s the answer?

[@janettedoues3590]

How the income tax be calculated on unemployment benefits!

[@jonathanromero2851]

I don’t care about all this other shit you’re talking about. I just wanna know if I owe money or not. Simple.

[@mauricethompson7295]

You said everything but the questions

[@texasswade8453]

6 minutes 48 seconds for less than 30 seconds of actual information. “What is a 1099-g and how do I apply it to my taxes?” Answer (after standard KZbinr intro: “What’s up, guys?”) then: let’s explain the entire US tax system.

[@GhanYt]

As a beginner, educate yourself: Learn the basics of investing and the stock market. There are many resources available online , including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research...

[@ddelacruz20]

This actually clarified it for me! Thanks!

[@mikemiller7231]

So can you tell us the history of the 1040 and where it came from? I’m asking this because persons not we the people really don’t know who the f we are. Here’s a tip about the 1040 it’s voluntary and was done by Abraham Lincoln for the civil war! Learn why! By the way read the acts were still in war or under war acts. Most people won’t look into the fact of the difference between income and wages. It’s up to you to learn this. Who owes these taxes? Corporations or the living man or woman???????

[@MrsMarriedJ]

You keep rambling on about non sense that none understands!!! 😂😂😂 Like WHHAATTT??? I have a 1099-G for year 2018 that I received 2/02/2020 It says 308.00$ in box 2 ! That's it Boxes 4-11 us empty. Do I owe this money or they owe me??!!! It's that simple!!

[@ashantithevocalist]

I didn't understand either, I will watch it again because I could be wrong. this video was so you could call him with a debit or credit card lol

[@anonymousperson2189]

I'm still lost 😂

[@DonJuanzito]

No. I don't like the explanation. It's still early but no. More science less of whatever that was i heard

[@coreyjuggin358]

Bro a 5 year old won’t understand a thing you talking about 😭

[@jajayaboy]

YOOOOOOO IM SO F LOST MANNN

[@MaiBlessed]

🤣🤣🤣 meeh too 🤦‍♀️🤣🤣 thought he’s gonna explain to everybody like they 5yrs old but I guess he’s just confusing af lol 😂

[@DC68859]

did you even explain how to file it you dude I don't care about whatever useless stuff you're talking about tell me what the payers name is

[@albrown1812]

Guy doesn't explain what a 1099G form is,there's another video that's 1min and 02secs where a young black lady explains in exact,what it's for why it's needed and what to do with it.1min2seconds.youtube 🤨😐

[@edsantevo8750]

Useless!!!