Is Unemployment Income Taxable in 2021?
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If you've experienced job loss in 2020, then you probably started collecting unemployment benefits, right?
Well, considering the record levels of unemployment last year, the IRS made the first $10,200 in unemployment income non-taxable. And that doubles for married couples.
This resulted in millions of dollars due in tax refunds.
But what about unemployment compensation received in 2021?
How will that be treated? Do taxes need to be taken out this year? How much should you take out?
I answer all of this in this video.
Watch to learn more.
Outline:
Intro: (0:00)
Tax treatment of unemployment prior to 2020: (1:47)
Tax treatment of unemployment in 2021: (3:16)
Steps to take to prepare for the tax treatment of 2021 unemployment income: (3:50)
Withhold 10%: (4:04)
Factors that determine the taxes you'll owe: (4:50)
Quarterly estimated taxes: (5:24)
Defer child tax credit: (6:11)
Possible tax break in 2021: (6:58)
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
