Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
antonova
Level 2

unemployment taxation for 2020

what amount of unemployment insurance will be taxable for 2020

2 Replies
JoannaB2
Expert Alumni

unemployment taxation for 2020

You will be taxed on the amount of unemployment received including the additional $600 additional weekly benefits that ended in July 31, 2020 and the additional $300 in the last quarter of 2020.  For now, the amount of unemployment compensation showing on your 1099-G is taxable income on your federal income tax return.

rjs
Level 15
Level 15

unemployment taxation for 2020

There is a bill under consideration in Congress that would retroactively make the first $10,200 of unemployment benefits tax-free for people whose income is below a certain amount. If the bill is passed and signed into law, more details will be available sometime after it becomes law. If you are not in a hurry for your refund, you might want to wait to file your tax return until the situation is clarified. If you file now, and the new law later reduces your 2020 tax, there will be a way for you to get the additional refund. How that will happen is one of the details that will be available later. It might require you to file an amended return, but we don't know yet.

 

Dynamic AdsDynamic Ads
Privacy Settings
v