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Estimating my 2022 AGI with income from Unemployment and Social Security
I've been collecting unemployment benefits in MA since January and have 2 weeks remaining. My income from UI will be approximately 25k. I've had the maximum allowed, 10%, withheld for federal taxes. Will this full amount be included in my AGI or is there some exception for Unemployment payments?
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Get your taxes done using TurboTax
At this time, Congress has not passed anything for 2022 making part or all of your unemployment non-taxable as they did in 2021. It is always a possibility. Best advise is to plan on it all being taxed and watch for updates here in the community as we get closer to filing 2022 returns.
I hope that answers your question about gift tax and reporting. Please feel free to give TurboTax a call anytime if you have additional questions or need assistance.
Have a great day!
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