Do I need to report money market earnings to EDD while collecting unemployment?

Yes, you are required to report ANY income to EDD when certifying for benefits. This includes money earned from investments like your money market account. When you certify every two weeks, you need to report any income received during that certification period. However, it's important to understand what counts as 'income' here - it's the interest or dividends your money market account actually paid out to you, NOT the total amount in the account or unrealized gains/losses. Check your statements to see what was actually paid to you during each certification period.

EDD is a COMPLETE MESS when it comes to this kind of stuff!!! I've been thru this EXACT situation before. They expect us to report EVERYTHING but their forms don't even make it clear what counts!! The question asks about "work" so how would anyone know investment stuff counts too?? This system is DESIGNED to trap people into overpayments they can charge interest on later!!! Now they'll probably say you committed fraud but IT'S THEIR FAULT for making everything so confusing!!!

Actually, this is a bit more nuanced. You only need to report income that you *work* for when certifying. Investment income (like interest from money market accounts) doesn't count as "work" income for EDD certification purposes. You don't need to report passive income from investments when certifying for UI benefits. However, all income including UI benefits and investment income must be reported on your tax return. So while you don't report investment income to EDD, both your UI benefits and investment earnings are reportable to the IRS. The 1099-G from EDD and 1099-INT from your bank will be needed for your tax filing.

Wait I'm confused... do we report investment income or not? The first answer says yes but this one says no? Who's right?? I also have some stocks and now I'm worried I've been doing my certifications wrong 😰

I should clarify my earlier response. You need to report income from *work* when certifying for UI, which typically doesn't include passive investment income like interest from money market accounts. The EDD certification form specifically asks about work you performed and income earned from that work. The reason for confusion is that different benefit programs have different reporting requirements. For example, disability insurance might have different rules than unemployment insurance. Always best to carefully read the exact questions on your certification form.

My cousin works for EDD and this came up at thanksgiving dinner once lol. She said they're looking for work income when you certify, not passive stuff. But she also mentioned they can crosscheck with tax records if they suspect something, so always better to just be honest on everything. Anyway hope that helps!

anybody else notice how impossible it is to get through to EDD on the phone to actually get answers to these questions? i tried calling them about something similar last month and gave up after 3 days of trying. busy signal every single time or the "we're experiencing high call volume" message. so frustrating!

To provide a definitive answer: According to the EDD's UI certification questions, you only need to report income earned from work. The specific question asks: "Did you work or earn any money, WHETHER YOU WERE PAID OR NOT?" Money market interest is not earned from work - it's passive income. You don't report it when certifying for UI benefits. However, both your UI benefits (reported on Form 1099-G) and your investment income (reported on Form 1099-INT or similar) must be included on your federal and state tax returns. If you're ever unsure about a specific situation, I recommend checking the EDD's online handbook for clarification.

Just wanted to add my experience here - I've been collecting UI for about 8 months and had the same worry about my savings account interest. After reading through all the responses here, I double-checked my certification forms and you're all right - they specifically ask about "work" income. I called my bank and they confirmed my savings account only earned like $12 in interest over the whole year anyway, so even if I had to report it, it wouldn't have affected my benefits much. But good to know for sure that passive investment income doesn't need to be reported during certification. Thanks for asking this question OP, I was wondering the same thing!