TurboTax Tips: What You Need to Know About Unemployment Benefits

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It is voluntary to withhold taxes on unemployment benefits and since a lot of people needed that extra money this past year during the coronavirus pandemic, many did not elect to withhold taxes. But, what does that mean for your tax 2020 return?

With the American Rescue Plan in place, the first $10,200, or $20,400 if you are married filing jointly, is tax-free for 2020. 

In this video, CPA and TurboTax expert Lisa Greene-Lewis shares insight on taxable unemployment benefits and how to include them in your tax returns.

More last minute tax tips from our sponsor TurboTax below:

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