Tax Planning

Yes, Your Unemployment Benefits Are Taxable Income

9/16/2020

The current unemployment rate is the highest it’s been in most of our lifetimes with more American taxpayers filing for unemployment each week as a result of the COVID-19 global pandemic – many for the first time ever.

If this is your first experience going through the unemployment process, you may have questions about how unemployment income is treated for tax purposes.

Let’s review the details.

Are My Unemployment Benefits Taxable?

The agency that disburses your unemployment compensation does not automatically withhold taxes from your income in most cases. This may lead you to believe that your benefits are not taxable. This is an incorrect assumption!

By tax law, unemployment benefits are taxable at the federal level (and the state level in most cases). This includes any taxable benefits received under disaster relief legislation such as the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The CARES Act provided unemployed taxpayers with an additional $600 per week benefit from March 27, 2020 through July 25, 2020. In some cases, an extra pandemic-related $300 per week was paid after July 25th for a limited period of time. The $600 and $300 benefits were in addition to any regular unemployment income paid by the state unemployment agency.

How Are Unemployment Benefits Taxed by the IRS?

The IRS considers unemployment benefits to be ordinary income, similar to wages earned from an employer. The biggest difference between wages earned and unemployment income for tax purposes is that unemployment income is not subject to Social Security and Medicare taxes like regular employment wages are.

The IRS requires that you report any unemployment income earnings on your tax return in the year the benefits are received.

How Do I Pay Taxes on My Unemployment Income?

Federal and state taxes not usually automatically withheld from your unemployment earnings – but you can request withholding.

To have taxes withheld from your unemployment benefits, you can complete Form W-4V, Voluntary Withholding Request, and submit it to the agency providing you with your benefits (not the Internal Revenue Service). This will allow the agency to withhold 10% of your benefits in federal taxes on your behalf. However, depending on your total income, this withholding alone may not be sufficient to cover all of the tax on your unemployment income.

If you have not had taxes withheld or made any estimated tax payments on your unemployment benefits, you could be in for an unwanted surprise come tax time. In addition to owing taxes on the full amount of the unemployment compensation you received, you may also be subject to interest and penalties for failing to pay taxes at least quarterly on the income received.

The Internal Revenue Service maintains that taxpayers must pay taxes on income earned as they receive payment. This typically means either withholding from their payment or remitting estimated taxes to the IRS.

If you prefer to make payments on your own, or if you know that the 10% withheld won’t cover your federal tax, you can make estimated tax payments for the amount that you believe you will owe. You are required to make estimated payments if you expect to have a tax liability of $1,000 or more with the IRS after taking into account all of your income tax withholding and certain tax credits for the year.

The IRS has a worksheet included with Form 1040-ES, Estimated Tax for Individuals that can assist you in determining the amount of anticipated taxes to be paid. If you have concerns about making the calculations, consider seeking tax assistance.

Do I Have to Pay State Taxes on My Unemployment Income?

For the most part, state law follows federal rules when it comes to the taxability of unemployment benefits.

However, there are a few states that do not currently tax unemployment benefits:

California
Indiana (50% of the benefit over $12,000 [single] and $18,000 [married])
Montana
New Jersey
Oregon
Pennsylvania
Virginia
Wisconsin (50% of the benefit over $12,000 [single] and $18,000 [married])

This is in addition to the states which currently have no income tax: Alaska, Florida, New Hampshire (no wage tax), Nevada, South Dakota, Tennessee (no wage tax), Texas, Washington, and Wyoming.

You should consult with your local tax authority to determine whether estimated taxes are required.

In addition, you should work with your unemployment benefits provider to determine whether there is an option for state taxes to be withheld.

What If I Haven’t Paid Any Taxes on My Unemployment Income?

If you haven’t had any taxes withheld from your unemployment benefits or made any estimated tax payments thus far, now is the time to take action if you believe you will owe $1,000 or more in taxes.

If the amount owed is $1,000 or more, the Internal Revenue Service will assess interest and penalties if the amount of taxes prepaid does not exceed 90% of the amount of the current year’s tax liability or 100% (110% in the case of taxpayers with an AGI over $150,000) of the prior year tax liability, whichever amount is smaller. For a taxpayer filing as married separate, the 110% applies for an AGI over $75,000.

If you haven’t made any tax payments so far, consider making estimated tax payments to catch up. You may also want to consider having taxes withheld directly from the remainder of your unemployment benefits for the year.

If you have any questions regarding the taxability of unemployment benefits, methods of paying taxes on unemployment benefits, estimating your tax liability, or you would like to learn more about our services, contact your tax professional for more information.

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Spencer Wilson

Spencer Wilson, EA is a tax preparer based in Long Beach, CA. Spencer Wilson Financial Management Services has been serving the Greater Los Angeles Area and Orange County since 2004. <br /> We began in the heart of Naples in Long Beach and we continue to work hard offering tax preparation and planning, business accounting and bookkeeping and payroll services . <br /> We have helped many different people and businesses succeed financially and take control over their finances.

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TaxBuzz AI is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz AI should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz AI, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz AI. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the AI-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz AI is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz AI provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz AI, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz AI is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz AI does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz AI, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz AI constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz AI.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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