- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
If your husband did not receive any unemployment benefits in 2020 then you will not receive a 1099-G for that time period and you should file your 2020 Tax Return.
If he received benefits in 2020 and you have not received a 1099-G then you should contact state that made the payments and have them provide a copy of the 1099-G. If this is your situation then wait until you have the 1099-G to include on your return and file your taxes as soon as you can.
-regarding the exemption for 2020 unemployment-
There is currently no information on when the IRS will issue instructions on exempting 2020 unemployment compensation from federal tax.
As soon as the IRS issues instructions on how to report newly-exempt 2020 unemployment payments, TurboTax will make the necessary updates to its programs. Until those changes are made, you have two options:
1. File now and amend your return later, after updates have been made.
2. File after IRS instructions are released and the programs have been updated.
As part of the recently passed American Rescue Plan, the first $10,200 worth of unemployment payments are now tax-free for households with annual incomes less than $150,000. This expanded tax relief begins this year, starting for taxpayers filing returns after January 1, 2020. The IRS will provide additional guidance about what you need to do to take advantage of this relief if you already filed your 2020 tax return.
If you’d like to be updated when the information becomes available, please sign up here.