How Unemployment Payments and Stimulus Checks Impact 2020 Taxes
Unemployment reached record levels in 2020 and due to the pandemic, freelancers/contractors as well as employees became eligible to receive unemployment benefits and the federal government made additional payments above and beyond the state checks.
In this presentation we will talk about how to report this income on your tax return and how it will affect the amount of taxes you pay. To offer further financial help to taxpayers in 2020, Congress authorized Economic Impact Payments (EIP or stimulus checks). We will review how to report any payments you received (this income is tax free), and what form to file with your 2020 return to get the payment if your 2020 income qualifies you to receive it.
Our speaker will be Emilie Archambeault, EA, CFP®. Emilie is an Enrolled Agent (EA), a federally licensed tax practitioner authorized by the US Treasury to represent taxpayers before the IRS, who has focused on advising individuals on their income taxes for the past 10 years and enjoys making the topic accessible to everyone.
Please note that you may register for this event up until one hour before it starts. You will receive the Zoom link via email before the event.
BPL’s Business & Career Center is generously supported by Dime Community Bank, Lead Funder of the PowerUP! Business Plan Competition, Dr. Beverly S. Jacobs, Ridgewood Savings Bank, Con Edison, ReferenceUSA, Elizabeth Crowell & Robert Wilson and Signature Bank.
Unemployment reached record levels in 2020 and due to the pandemic, freelancers/contractors as well as employees became eligible to receive unemployment benefits and the federal government made additional payments above and beyond the state checks.
In this presentation we will talk about how to report this income on your tax return and how it will affect the amount of taxes you pay. To offer further financial help to taxpayers in 2020, Congress authorized Economic Impact Payments (EIP or stimulus checks). We will review how to report any payments you received (this income is tax free), and what form to file with your 2020 return to get the payment if your 2020 income qualifies you to receive it.
Our speaker will be Emilie Archambeault, EA, CFP®. Emilie is an Enrolled Agent (EA), a federally licensed tax practitioner authorized by the US Treasury to represent taxpayers before the IRS, who has focused on advising individuals on their income taxes for the past 10 years and enjoys making the topic accessible to everyone.
Brooklyn Public Library - Virtual MM/DD/YYYY 60