topic I was on furlough for many months, how will that effect my 2020 taxes? in Get your taxes done using TurboTax

I was on furlough for many months, how will that effect my 2020 taxes?

myu13_33 — Fri, 18 Dec 2020 21:30:45 GMT

Re: I was on furlough for many months, how will that effect my 2020 taxes?

Bsch4477 — Fri, 18 Dec 2020 22:02:14 GMT

Since you had less income you should owe less tax.

Re: I was on furlough for many months, how will that effect my 2020 taxes?

Bsch4477 — Fri, 18 Dec 2020 22:03:19 GMT

Since you had less income you should owe less tax. If you had to take a premature IRA withdrawal the penalty would be waived.

Re: I was on furlough for many months, how will that effect my 2020 taxes?

xmasbaby0 — Fri, 18 Dec 2020 22:07:36 GMT

Were you receiving unemployment benefits?

Unemployment compensation is taxable on your federal return. Enter your 1099G for unemployment in Federal>Wages and Income>Unemployment

You might need to get your 1099G from the state’s unemployment site.

STATES THAT TAX UNEMPLOYMENT BENEFITS

AZ, AR, CO, CT, DE, DC, GA, HI, ID, IL, IN, IA, KS, KY, LA, MA, ME, MD, MI, MN, MS, MO, NB, NM, NY,NC, ND, OH, OK, OR, RI, SC, UT, VT, WV, WI

Unemployment compensation is taxable on your federal return. Enter your 1099G for unemployment in Federal>Wages and Income>Unemployment. You might need to get your 1099G from the state’s unemployment site.

STATES THAT DO NOT TAX UNEMPLOYMENT BENEFI

Re: I was on furlough for many months, how will that effect my 2020 taxes?

VolvoGirl — Fri, 18 Dec 2020 22:39:00 GMT

If you had no income or low income you might not need to file a return except to get back any withholding taken out.

Do you need to file a return?

https://ttlc.intuit.com/community/filing-and-paying-taxes/help/do-i-need-to-file-a-federal-return-this-year/00/25546