During the pandemic, Americans across the nation received unemployment monies authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Did you realize that by law, this benefit is taxable and will be expected to be reported as income on your federal income tax return for 2020?
If you received this benefit, you will want to act now and have taxes withheld to save having to pay them when you file next year.
Click here to read more about this.
Source: Internal Revenue Service