Unemployment For All 7-6-20: Paying Taxes PUA Unemployment Insurance? $600 Weekly Ends July 31

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A recent report from Credit Karma shows some alarming stats on unemployment benefits and whether or not you must pay taxes on these disaster relief funds.

Nearly 1 in 3 people that are currently collecting unemployment benefits believe that they do not have to pay taxes on these government benefits.

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Unfortunately, these people are completely wrong and could face some serious financial issues if they don’t have taxes taken out, or forget to stow away a percentage of their benefits to pay come tax day next year.

Christina Taylor, head of tax operations at Credit Karma, stated: “Many people falsely believe unemployment benefits aren’t taxable.”

She continued: “Ultimately, if you don’t pay enough toward your income tax obligations you could end up with a tax bill – and possibly penalties and interest – when you file your tax return for 2020 in 2021.”

While it makes sense that you have to pay taxes on unemployment benefits, it just doesn’t seem like the right thing to do.

These are funds that are meant to assist Americans when they are at their lowest…and you want to take money away from them?

Here’s $900 to help you out…no wait, $800 to help you out.

If you are currently collecting unemployment benefits and are not having your taxes withdrawn, be sure to save at least 10% to avoid penalties and fees in the future.

With that being said, I hope that all of you from Pennsylvania, Oklahoma, Wisconsin, South Carolina, Arkansas, North Carolina, Iowa, Florida, Texas, Nevada, Georgia, Illinois, Louisiana, Tennessee and Washington had a great July 4th.

It certainly didn’t seem like your typical Independence Day, especially with so much financial uncertainty out there.

I just hope that everyone that watches these Unemployment For All videos are getting the financial support they need, or fighting diligently to receive your benefits.

Remember, if you are a gig-worker, self employed, independent contractor or 1099 worker, you could be eligible for PUA benefits.

You are entitled to these funds through the CARES Act, and you could receive a backdated check for $15,000, even if you haven’t paid into your state’s unemployment insurance.

I know it’s been a nightmare for so many of you out there that still have not received your PUA benefits or unemployment insurance, but you need to keep fighting for your funds.

I’ve talked with hundreds of people that were struggling to get an answer for months, only to receive a check for thousands of dollars just a week later.

Keep checking your state’s unemployment website for specific details and continue dialing your unemployment hotline until you get a response.

You are entitled to these funds through the CARES Act and they could provide a much needed lifeline during these wild days.

Thank you so much for watching, please keep sharing your experiences with PUA and unemployment benefits in your state.

Are you having taxes withdrawn from your unemployment benefits? Let me know in the comments below!

Source: https://www.cbsnews.com/news/tax-on-unemployment-benefits-pay-irs-taxable/

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24 comments

  1. 077 ! You mentioned everyone but New York, you always leave NYC OUT but I still love this Channel

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  4. I'm a sole proprietor and I've been receiving PUA, and having them automatically withhold for taxes. I'm currently filing quarterly taxes, and I no 1099 form listed under my EDD account. Do I include the PUA income in my quarterly taxes? Or do I wait till the end of the year when I assume I will receive a 1099 for 2020, and pay with my annual filing??

  5. how about they spend as much on unemployment as they did on all the wars in the middle east

  6. I suppose if they havent mentioned extending pua benefits by now, its unlikely. Im still confused about the impact of covid 19 also – as it seems to still be affecting people in large numbers.

  7. I had them take out taxes on the first 4 unemployment payments then the next 4 I didn't have taxes taken out and if they extend it I'll have them taken taxes out of it

  8. Hello, Everyone! I was a gig worker / Lyft driver (last day 3/26/20) and filed for Nevada PUA once it went online. Initially, I was approved for $331/week, but a few weeks later I received notice from DETR that I was disqualified. I had until June 26 to appeal / adjudicate my claim. However, over several days, I spent over 12 hours calling the PUA Ajudication phone number (800-603-9682) only to be placed on hold for 5 minutes each time and then repeatedly hung-up on. I was always able to get thru to the "regular" PUA phone number. The DETR notice suggested I appeal online and told me where to find the link, but the link DOES NOT EXIST. A regular PUA phone rep even told me as much … and that the website was never finished.
    I last worked in CA on Nov. 4, 2018 and moved to Vegas on Feb. 16, 2019. DETR says I need to file a claim there instead. I took care of that yesterday. Weird thing is that even thought CA EDD / UI is all online, for "out of state" filers they require that you fill out a claim by hand and then either mail or fax it in. Doh!
    I did find another job in May, but just last week was laid off as part of a RIF (reduction in force) program. So now I get to file a "regular" UI claim with Nevada.
    Mercy me! Take Care & Good Luck to Us All!
    JR

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  10. thanks for your timely tips! I got a $1000 grant and denied a loan as I had not indicated the specific losses that were listed on the application. For reconsideration Because Of stay at home shelter in place. I have been in a hotel for 4 months. Also, I took a loan to pay. Can these qualify as qualified expenses? any thoughts. Thx.

  11. So I'm an essential working but I'm also an 1099 and self employed do you think I would qualify for PUA

  12. WA state. Hubby still waiting since April for UI. PUA should be $600 but amount shows same as state benefit. So frustrating

  13. I wish I could vacation in vegas. I've never been there. This is a bucket list place.

  14. I wish I could vacation in vegas. I've never been there. This is a bucket list place.

  15. My most recent application says pending issues. Does that just mean it is still waiting to be reviewed or is there something wrong with the application because it doesn’t give me any clarification on what is happening. My last one took a day to process it’s been three now for this week.

  16. Unless your Trump, then he brings 125k people, shoulder to shoulder, no masks, to bring MORE Covid to South Dakota to payback our idiot governor!

  17. And that point is it just your unemployment or does it also include this $600 that the government gives us that we have to pay taxes on