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Unemployment Benefit is Taxable

  

While many people are forced to apply for and accept unemployment due to the widespread COVID 19 shut down, it is good to understand that the benefits received either at a state or federal level are taxable. Yes, you must pay Taxes to the IRS on these benefits. 


While the CARES Act is aimed at reducing the stress of unemployment on the working class, it does not expend to taxes on income from the IRS. This therefore means that when your file your 2020 Income Tax Return you may owe the IRS the taxes on the benefit. 

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