Richard Rubin
speaker
1,496 appearances
29 recordings
1 series
first heard Oct 2017
last heard Jan 2024
Richard Rubin’s voice in public audio — every appearance, attributed to the second.
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Appearances
As always, thank you.
matched
This is an unusually late tax change because it's affecting the tax year for which people have already filed.
More than 40 million returns already in at the IRS's at the end of February.
So it's the first $10,200 of unemployment benefits per spouse.
only for households where the adjusted gross income was under $150,000.
And this is for tax year 2020, not tax year 2021.
Yes.
Basically, this will be, once President Biden signs it, the new federal rule, the federal law for how these are treated for federal tax purposes.
There's a separate set of questions in a bunch of states about what happens for state tax purposes.
So this is the federal tax rule for state and federal benefits, and then it's going to depend on what your individual state does and how it treats these benefits for what happens on the state income tax side.
So the way this normally works is you get a form called the 1099-G from your state government that will show how much you received in benefits.
That's the same form they used for state income tax refunds, and this will help.
show you what's there in terms of taxable benefits.
And what you're supposed to do with that in a normal situation is then put that as income into your tax return.
You're right.
This is an unusually late tax change because it's affecting the tax year for which people have already filed more than 40 million returns already in at the IRS's at the end of February.
The IRS doesn't typically comment on pending legislation, so they're not going to say yet what they're going to do.
I think it's a very open question about what happens and how you're supposed to do this.
Are you supposed to amend your return?
Will they fix it for you?
Showing 461–480 of 1,496 · page 24 of 75
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