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2007 I was gainfully employed making $87k a year ...

2007 I was gainfully employed making $87k a year. Feb. 2008 I lost my job and my salary from unemployment is now $19k a year. Is there some deduction I can use for this extreme loss of income? HELP!

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RateNerd Answered:

I dont believe there is a deduction for having a decrease in income, but your tax bill should be pretty low. file using one of the free online services from Tax Cut or Turbo Tax and see what the numbers look like. Here is a list of other resources that may help you http://ratenerd.com/tax-advice-on-unemployment-income-self-employed-home-office-tax-deduction-more-970

Posted 3 years ago

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