Technical topics regarding tax preparation.
6-Mar-2021 3:02pm
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All of my clients in New York collected Unemployment benefits for 2020.
I just read that the New Covid Relief bill had a last minute provision that the first $10,200 of unemployment benefits will not be subject to tax up to $150,000 of income.
Also what are the states going to do ?
6-Mar-2021 3:44pm
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- 21-Apr-2014 11:24am
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Well, here in NC it would require an act of the NC General Assembly. We conform to the IRC as at May 1st 2020. Fortunately, unlike last year, we have a long session this year. So if the political will is there, NC can do something quickly.
7-Mar-2021 2:13am
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We should start a chart for which states tax/don't tax unemployment.
CA = NO.
7-Mar-2021 4:30am
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IL - yes
Cathy
CathysTaxes
7-Mar-2021 6:08am
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If the parents are over 150 of income I am assuming the unemployment will still be taxable to the child and the kiddie tax will still apply?
7-Mar-2021 9:13am
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MD - no for 2020 subject to income limits
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