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If you are currently collecting unemployment benefits and are not having your taxes withdrawn, be sure to save at least 10% to avoid penalties and fees in the future.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