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We don't know this for certain yet. If it is like the direct stimulus payments made previously, those were a tax credit and were not taxable income but the bill is just a few hours old at this time.
As soon as we know more about who will qualify as well as the mechanics of when and how - we will get that information out!
We are publishing updates as we have them here: What to Know about Coronavirus and your Taxes.
We don't know this for certain yet. If it is like the direct stimulus payments made previously, those were a tax credit and were not taxable income but the bill is just a few hours old at this time.
As soon as we know more about who will qualify as well as the mechanics of when and how - we will get that information out!
We are publishing updates as we have them here: What to Know about Coronavirus and your Taxes.
And check at the IRS
Hello Turbo Community:
May I ask if the EDD we received with federal CARES supplements, are they taxable for the 2020 tax season? If the tax are withhold from them, is the Tax return still required to be filed for 2020? Thank you very much!
Any unemployment compensation you received is taxable income on your federal tax return--including the extra $600 per week in federal money that was paid in 2020. You must enter the 1099G that will be on your state's unemployment site in January.
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 BENEFITS on the state return
AK, CA, FL, MT, NH, NJ, NV ,PA, SD, TN, TX, VA, WA, WY
The stimulus checks are NOT taxable.
@karentemail wrote:
Hello Turbo Community:
May I ask if the EDD we received with federal CARES supplements, are they taxable for the 2020 tax season? If the tax are withhold from them, is the Tax return still required to be filed for 2020? Thank you very much!
Unemployment benefits are taxable on a federal tax return. You must file a federal tax return if your gross income is $12,400 or greater, single and under the age of 65. Even if your income was less and federal taxes were withheld from the unemployment benefits you should file for a federal tax refund.
California does not tax unemployment benefits.
Thank you so much!!
and if you are due more stimulus than you received, that will settle out on the 2020 tax return (see line 30 of form 1040)
if you received more stimulus than you were entitled to, you do not have to return it!
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