With so many individuals filing for unemployment this year, the IRS is putting out the following information to ensure everyone will be prepared for the 2020 tax season. The IRS is emphasizing the following four points:
• Unemployment income is taxable.
• Individuals can contact their state unemployment office to have taxes withheld from ongoing unemployment payments.
• If an individual did not have taxes withheld from unemployment payments, there are ways to pay on those taxes before the year ends.
• Individuals can use the withholding calculator, and determine what they may owe.
For more questions and contact information, please carefully review the poster below.