Unemployment Benefits & Your 2020 Taxes
Did You Receive Unemployment Benefits?
According to the Bureau of Labor Statistics, over 23 million U.S. workers have filed for unemployment this year, including for the first time some self-employed workers. If you received these benefits, along with the $600 per week in coronavirus relief benefit, your federal income tax return may be affected.
To make sure you have the right tax withheld for 2020, check out this handy guide from the IRS on what you need to know about reporting unemployment benefits on your 2020 taxes.
For more information, contact your state’s unemployment office and visit www.irs.gov/UC.