Tax reminders for those on unemployment

Video Credit: WKTV
Published on September 22, 2020 -

Tax reminders for those on unemployment

The New York State Department of Taxation and Finance is reminding people that unemployment insurance benefits count as taxable income.


Tax reminders for those on unemployment

Department of taxation and finance is sendinge collecting unemployment benefits...especially those doing so for the first time.

Newschannel 2's jason powles joins us now live in studio with the details...jason good evening,.

Kristen good evening.

The state is encouraging you to take a look at your tax records now if you are collecting unemployment benefits to ensure you don't end up owing unpaid taxes next april.

New york state unemployment insurance benefits and any of the special unemployment compensation authorized under the coronavirus relief act are considered taxable income....for some that could go back as far as march... by law, the new york state department of labor must report these benefits to the irs and to the new york state tax department.

Tax preparers are urging those that are concerned to look into it now... 2:18:37 you again have to go on and elect to have fed andstar yment so yohave to be proactive d go on the dwebsite e election to have federal and stat withholding.

So just head to the ny labor deparment website...sign in with you i-d.

Click "unemployment benefits".

Click "payment and tax withholding options".

Click "tax withholding" and follow the instructions.

You can also contact a tax preparer for more advice.

We have all this information on our website

Now if you had monies withheld from the begining...this shouldnt be a problem for you.... also important note here the stimulus check everyone received is not taxable income and will not be counted towards the 2020 tax return.

Kristen back to you.

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