Here are a few pandemic specific conditions — good and bad — to be aware of.
UNEMPLOYMENT
Unemployment benefits are taxable income, which tax experts say may surprise some filers.
Workers are not required to have federal taxes withheld from their benefit payments. While people have the option to have the tax withheld, many do not.
It’s worth noting that unemployment benefits are all subject to federal taxes but not all states tax it.
Taxpayers who unintentionally do not include unemployment income on their taxes could face a tax bill, penalties or interest charged by the IRS, said Mark Steber, Jackson Hewitt’s chief tax information officer.
The drop in income from job loss could mean some households are eligible for deductions and credits that they did not qualify for in the past, such as the earned income tax credit or child and dependent care credit, said Lisa Greene-Lewis, a CPA and tax expert at TurboTax. The size of some credits may also change based on income.
RELIEF CHECKS
As part of the CARES Act, a relief package passed early in the pandemic, millions of Americans were given payments of $1,200 per adult and $500 per child. At last count, the IRS said 160 million payments totaling about $270 billion have been delivered by direct deposit, paper check or prepaid debit card.
That money is not taxable.
Diese Geschichte stammt aus der December 12, 2020-Ausgabe von Techlife News.
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