In 2022 alone, there were approximately 15.4 million layoffs in the United States as per one recent study. About 6.9 million of them happened in the last half of the year, from August to December. It’s also worth noting that this is certainly nothing new. It has been estimated that about 40% of people have been laid off (or fired) from a job at least once in their lifetime, and about half the country experiences full-blown layoff anxiety on a regular basis.

Whether you are laid off or fired, the chances are high that you will quickly find yourself on unemployment. While this can absolutely provide some much-needed financial relief at an important part of your life, there are some things about potential tax implications that you’ll definitely want to be aware of moving forward.