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Do You Owe Taxes on Unemployment Benefits? You Could Get Hit With a Big Tax Bill
On 2/7/21 at 9:00 AM EST
Tax form 1099G details the total unemployment benefits you receive in a given year.
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Unemployment benefits provided a much-needed lifeline for thousands of Americans dealing with pandemic furloughs and layoffs in 2020. But on April 15 an unpleasant surprise might be waiting for people who got such aid.
According to Kathy Pickering, H&R Block s chief tax officer, many first-time unemployment recipients don t know those payments count as taxable income for both federal and state returns.
Thanks to extended benefits that stretched up to 39 weeks in some states and additional weekly federal support payments, first of $600 and then $300, unemployment benefit recipients could be facing hefty tax bills they re unprepared for and ill-able to afford, particularly if they are still out of work. ....

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