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Yeah... from my wife having her hours reduced weve been getting that extra federal money too. Jury's out if or how much well have to pay on it for taxes. So in the bank it sits. I've even heard we may have to pay it all back at the end if the year. So in the bank it sits. Funny part is we could really use it right about now. Gotta love the Rona
 
Seandonato73 said:
Yeah... from my wife having her hours reduced weve been getting that extra federal money too. Jury's out if or how much well have to pay on it for taxes. So in the bank it sits. I've even heard we may have to pay it all back at the end if the year. So in the bank it sits. Funny part is we could really use it right about now. Gotta love the Rona
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Damn your good ,you nailed it right on the head!......:unsure:
 
The $1200/2400 stimulus and $500 per dependent is tax free. See question 31 in the link.
https://www.irs.gov/coronavirus/economic-impact-payment-information-center

I couldn't find any info covering tax liability from federal gov unemployment bonus on IRS site. All unemployment is taxable income. Lots of news sites cover it.
https://q13fox.com/2020/05/11/recei...ployment-benefits-how-to-avoid-a-big-tax-hit/

Check your state's unemployment site to get the information that pertains to you. I couldn't find any info on Colorado's site. You might need to call to get the facts. Good luck with that.
 
Top Dead Center said:
The $1200/2400 stimulus and $500 per dependent is tax free. See question 31 in the link.
https://www.irs.gov/coronavirus/economic-impact-payment-information-center

I couldn't find any info covering tax liability from federal gov unemployment bonus on IRS site. All unemployment is taxable income. Lots of news sites cover it.
https://q13fox.com/2020/05/11/recei...ployment-benefits-how-to-avoid-a-big-tax-hit/

Check your state's unemployment site to get the information that pertains to you. I couldn't find any info on Colorado's site. You might need to call to get the facts. Good luck with that.
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My wife said it is a card that she is waiting for ,to use the money ,she said to pay attention to the mail!

She ask me just now about the engine on her own with out me bringing it up ,but that to me is a good thing!...
 
Yeah here in pa, we know its subjected to federal taxes. But my accountant said he has heard that unemployment is just handing out money right now and will figure out if you deserved it at a later date. So money sits in the bank till I hear otherwise.
 
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