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COVID Payments and UE – Impact on Taxes and Income

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11/4/2020:

More than 1.68 million New Jersey workers have applied for unemployment benefits since mid-March.   Of that number, 1.44 million have been deemed eligible. Of those, 96% have received some money and tens of thousands are still waiting for benefits.

You should work with your accountant and determine if you should be deducting taxes from your regular unemployment.

You do not want to owe money back when you fill out your 2020 taxes.

COVID supplemental $ are non-taxable.

Please note that any money you receive from COVID is not counted towards your eligibility for Bankruptcy.

Now might be the right time to make an appointment and discuss options for you.