Jobless benefits are subject to federal income taxes, as well as state income taxes in most parts of the country.
But workers who are collecting benefits for the first time may not be aware of those tax implications, or they might opt against having taxes withheld from their benefit payments. People who do not have enough money withheld during the year could end up with smaller refunds or balances due to the IRS when they file their 2020 tax returns.
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Those folks that put off finding other work because they liked that extra $600 a week on top of their regular unemployment are going to be screaming mad next tax season.
Government giveth,,,governments takes back.
ReplyDeleteNever trust the government
Yep!
ReplyDeleteTaxable income!!!
More excuses to riot.
ReplyDeleteThey broke all the windows in the courthouse in Richmond when evictions were restarted.
There Ain't No Such Thing As A Free Lunch
ReplyDeleteExcept those who know how to work the tax code to their favor. There are those who have learned the way and paid no taxes for years. It is all in knowing the code.
DeleteAnyone who has ever been on unemployment before will know this.
ReplyDeleteI used my $1200 to pay my quarterlies.
ReplyDeleteWill they not have to pay both sides of Social Security?.....
ReplyDelete