Don’t Pay Tax on Unemployment Benefits

Wasson and ThornhillUnemployment Benefits

income tax forms

Photo by Kelly Sikkema on Unsplash. Did you receive unemployment benefits in 2020? 1 in 4 Americans did. Under the American Rescue Plan you don’t pay tax on the first $10,200. Unemployment Benefits Are Generally Taxable As the IRS states plainly, “[i]f you received unemployment compensation during the year, you must include it in gross income.” Unemployment Compensation, IRS Topic … Read More

Renewed and New Unemployment Benefits Approved

Wasson and ThornhillUnemployment Benefits

employed employees

Photo by Alex Kotliarskyi on Unsplash. Federal unemployment benefits were extended as of December 27, 2020. With one new unemployment benefit added. Here’s what the new law includes. The Coronavirus Response and Relief Supplemental Appropriations Act (CRRSA), was enacted on December 27. Last week we wrote about the new $600 stimulus payments of this new Act. It also extended unemployment … Read More

States’ Responses to $400/$300 Extended Unemployment Benefits

Wasson and ThornhillUnemployment Benefits

manacing cloud with hopeful rainbow

Photo by NOAA on Unsplash. Different states have responded differently to the proposed $400/$300 federal extended unemployment benefits. How about Kentucky and Indiana? Last week we explained the President’s Memorandum of August 8 which extended reduced federal unemployment benefits. The $600 weekly benefit had expired on July 31. The House of Representatives had previously passed a bill extending the $600 … Read More