COVID-19

Collecting Unemployment Benefits Due to COVID-19? Don't Forget It's Taxable Income

5/27/2020

The news that Congress had passed the CARES (Coronavirus Aid, Relief and Economic Security) Act was welcomed by millions of Americans who were struggling financially as a result of the global pandemic’s shutdown of the economy. What may not be as welcome is the realization that taxpayers who received unemployment benefits will have to pay income tax on that supplemental income.

According to the Department of Labor, nearly 40 million Americans have suddenly found themselves unemployed, and there is no clear end in sight. The need for supplemental income is dire and news of Congress’ action was celebrated. The CARES Act provided stimulus checks to those who are eligible, and those payments are not taxable. However, unemployment benefits are, and the additional $600 per week provided through the end of July may lead people who are already having a hard time making ends meet to yet another financial hit when the bill comes due.

Not All States Tax Unemployment Benefits

Though the federal government has always taxed unemployment benefits, some states don’t, so the first thing that a taxpayer who has been receiving the additional $600 in CARES Act unemployment benefits should do is to find out what their state and local rules are. The states that don’t tax these benefits because they don’t have a state income tax include Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming, while New Jersey and California simply make an income tax exception of unemployment benefits.

Still, depending upon when a taxpayer first started receiving the additional $600 per week, the CARES Act benefit can add up to almost $10,000 before it stops being provided at the end of July, and that could represent a big tax bill that many will simply be unable to pay if they are unprepared.

How to Prepare for Taxes on Unemployment Benefits

There is no way to avoid having to pay benefits on your unemployment taxes, but you are able to prepare for it so that it has the smallest possible impact. Though the easiest thing to do is to ask for the tax liability to be withheld in each check, doing so may leave you without the cash that you need right now. The alternative at the other end of the spectrum is to simply not worry about the problem now in hopes that by the time the tax bill comes, you will have a new job, more cash available, and simply be able to pay in a lump sum.

The third option represents a middle ground, and that is to pay your tax bill quarterly. This is what most self-employed individuals do. They calculate their tax liability as they year goes along and pay at the end of each quarter. Though these quarterly payments are required of them (which is not the case for the taxes due on unemployment benefits), it also helps them to avoid having to pay a single large sum during tax season.

Deciding how you want to address your tax liability for monies received as unemployment benefits is a highly individual decision, and much of it will be based on your own circumstances. If you are entirely reliant upon the money that is coming each week from unemployment benefits, you may want to hold onto all of the cash and hope for better days ahead. If you believe that you can set aside a portion each week in order to avoid a big tax bill in April of 2021, then having taxes withheld by the government or setting the money aside yourself to pay quarterly probably makes the most sense.

One way or another, it is essential during the coronavirus pandemic that you consider all options so you can make important financial decisions in an informed way. Have additional questions? Contact your tax professional for help.

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Gordon W. McNamee

Gordon W. McNamee is a Certified Public Accountant (CPA) based in Rancho Cucamonga, CA. Gordon W. McNamee can assist you with your tax return preparation, payroll, accounting and tax planning needs. <br /> <br /> 2021 is Gordon W. McNamee, CPAs 38th year in the profession. As as a former IRS agent (1984 through 1987), Gordon has been in public accounting since 1987. Gordon specializes in individual, corporate, HOA, trust, estate and payroll taxes. He also prepares financial statements and provides accounting & bookkeeping services. He enjoys making his clients feel at ease while providing a personalized professional service.

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