Is unemployment income considered funds belonging to person supported or funds provided by others (state)?
Peggy Sioux
Peggy Sioux
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It is taxable income belonging to the person supported. Whether or not it was used for their own support is a separate determination."You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
"That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe Howard -
When it comes to support in the above example, is the only choice to exclude from support is to put money in a bank account?This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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No. Any use of income that doesn't pay for items included in support will be excluded from support. (seems obvious).
For example, if the recipient of income spends it all on lottery tickets and doesn't win anything, that money would be excluded from support even though it was not invested in a bank account (or other financial instrument). Or, if the recipient of income gives it away, same thing - not support.
"You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
"That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe HowardComment
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