Trading for years, laid off day job, can I still collect unemployment?

[hayman]

Quote from whysoserious:

I was recently laid off and I am currently collecting unemployment. I've been trading for a few years already and have been profitable. Can I still collect unemployment? Any help would be greatly appreciated.

ABSOLUTELY !! Any trading income shows up on your Schedule D. All Sched D income doesn't require SS Tax to be paid on it. To be totally on the up-and-up, just make sure that you don't claim any of your trading expenses as business expenses. Hence, you were just "trading" while you looked for another job.

 

[GTS]

Quote from the1:

Stop feeding this guy BS. If he didn't file form 940 he will NOT be able to collect unemployment. If he traded through an LLC or Inc. and paid withholding tax and all those other wonderful taxes that go along with it, then he can collect unemployment. It's a super, super easy answer. Did you file form 940 and make quarterly or bi-weekly deposits into unemployment tax? If you answer no, then no, you can't collect.

He had a day job that he was laid off from...the unemployment is for that job, not for trading.

 

[patmanfever]

Racist much?

Quote from Anaconda:

You can collect unemployment, do not even waste your time calling the unemployment office as you will likely be talking to Jamal or Shaqueena who really just do not give a sh*t about you, know WTF they are talking about and are unlikely to look into the matter as it interrupts their daily planning for smoking a blunt or getting their weave done. Plus, it's not like their salary benefits from whether you are given the correct information.

If you need to collect unemployment, it's obviously you are not anywhere near close to making a living wage from your trading, hence there is no conflict with the intention of unemployment benefits.

 

[SideShowBob]

I have to agree with the sentiment that the people at the unemployment office have no f**king clue what they're doing. Especially in NJ. But I think this carries over to most states.

That said the racist part is a little over the top. There is no one group of people with a monopoly on stupidity. Other than ET posters that is

If they somehow determine you can't collect it (if I remember correctly the worst they can do is ask for the money back) you need to demand a refund of all your unemployment payments to the state. They can't collect if you can't collect.