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Tax question (unemployment)


Tap
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I may get a back payment from unemployment for dates in spring  2020. I am appealing my claim and it looks like it is moving forward in positive direction! 

 

I got divorced in 2021, so my 2021 taxes will be my first year filing taxes solo. If it is 2021 income, then there won't be a problem at all. I will have to pay 2021 taxes on it, but the filing will be simple.

The back payment is below the federal exemption limit for paying taxes on it in 2020, but since I am receiving the money in 2021, I don't know if it qualifies as 2020 earnings or 2021. Any idea? If it is 2020, do my x and I have to file an amended return? 

 

Thanks for any information you can give or direct me to

~Tap

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9 hours ago, Tap said:

I may get a back payment from unemployment for dates in spring  2020. I am appealing my claim and it looks like it is moving forward in positive direction! 

 

I got divorced in 2021, so my 2021 taxes will be my first year filing taxes solo. If it is 2021 income, then there won't be a problem at all. I will have to pay 2021 taxes on it, but the filing will be simple.

The back payment is below the federal exemption limit for paying taxes on it in 2020, but since I am receiving the money in 2021, I don't know if it qualifies as 2020 earnings or 2021. Any idea? If it is 2020, do my x and I have to file an amended return? 

 

Thanks for any information you can give or direct me to

~Tap

If you receive it in 2021, then it is 2021 income and goes on your 2021 taxes. Even if the payments are for 2020.

Unfortunately, this means you do not qualify for the 2020 unemployment tax exemption, but it sounds like this will be easier for you anyway.

Edited by Longtime Lurker
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37 minutes ago, Longtime Lurker said:

If you receive it in 2021, then it is 2021 income and goes on your 2021 taxes. Even if the payments are for 2020.

It is like when you get paid in January of year X+1 for the last week of December of year X, then it is taxed in year X+1 even though you earned it in year X.

Edited by Longtime Lurker
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