Please tell all your friends. For anyone who has been getting those big unemployment checks…..don’t forget that those benefits are taxable. When you were getting a paycheck, you had Federal taxes withheld. But, unemployment checks do NOT have taxes withheld. Result? You could be in trouble! Make sure you do some good planning with a good tax professional. Or you may end up owing a lot of tax for 2020.
Again, please tell everyone you know that is getting these benefits.