Did You Receive Unemployment Benefits?
ļ»æDid You Receive
Unemployment Benefits?
Have the right tax withheld for 2020
Unemployment benefits are taxable
Unemployment benefits must be reported on your federal tax return. A record number
of Americans are applying for unemployment compensation due to the COVID-19
Outbreak. If you received unemployment benefits, as well as the additional $600 per
week in coronavirus relief any time during the year, your tax return may be affected.
? Do I have to report unemployment benefits on
my federal income tax return?
Yes, any unemployment compensation received
during the year must be reported on your federal
tax return.
? Can I have federal income tax withheld from
my unemployment compensation?
Yes, you can choose to have federal income tax
withheld from your unemployment benefits by
contacting your state unemployment office.
? How will I know how much unemployment
compensation I received?
If you received unemployment compensation
during the year, you should receive Form 1099-G
from your stateӮs unemployment office.
? If I am no longer collecting unemployment
benefits, how can I pay the tax due?
You can make estimated tax payments using
Form 1040-ES and/or increase your withholding
by completing Form W-4 once you have a new
job. You can check your estimated withholding
using the calculator at W4app.
See payments for more payment
options.
? How will unemployment compensation affect
my tax return?
If you do not have taxes withheld from your
unemployment compensation, it could result in a
tax liability.
According to The Bureau of Labor Statistics,
over 23 million U.S. workers have filed for
unemployment this year nationwide.
For more information, contact your
stateӮs unemployment office and visit:
For the first time, some self-employed
workers qualified for unemployment benefits.
UC
Publication 5444 (Rev. 12-2020) Catalog Number 74859V Department of the Treasury Internal Revenue Service
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