I have been receiving unemployment since November 2020. How do I figure out if the benefits I have received are taxable?
That article, I believe, is mostly talking about unemployment received in 2020, which people are receiving refunds for. My question centers on all of the unemployment I have received in 2021. Will I need to pay taxes on it?
Hi @cincyann you may possibly need to pay taxes on your unemployment compensation at the end of the year and this depends on your overall tax picture. Your unemployment is taxable on the Federal level and possibly the state level, depending on your location. I have attached a link to the Turbo Tax Calculator to help you possibly get an idea of how much you could possibly owe or receive in taxes for 2021. I hope this helps!
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