Where to find your tax form for 2020

0

This year will undoubtedly be the first time some New Yorkers learn how to pay taxes on unemployment benefits.

The challenges of the COVID-19 pandemic meant that 2020 was the first time some Gen Z and Millennials entered the workforce and claimed unemployment benefits. Last year, New York City received more than 4 million initial jobless claims, or more than 20% of the state’s total population.

While withholding taxes for some may have been an option, those who have borne the economic brunt of the pandemic may not have been able to afford to allocate resources to income tax.

Here’s a quick rundown of how to get started paying unpaid UI taxes:

What is Form 1099-G?

IRS Form 1099-G shows the amount you received in unemployment compensation and certain other government payments during a given year.

Form 1099-G is the federal tax form that records your unemployment benefit (and any tax withheld on it) from the previous year. It is also known as a statement for recipients of certain government payments.

If you applied for unemployment benefits in 2020, you will need it to properly complete your income tax return this year.

How to find Form 1099-G on the New York Department of Labor website

In New York City, the easiest way to find your 1099-G is to log into the state Department of Labor’s web portal. You can find it at applications.labor.ny.gov/IndividualReg.

After logging in, scroll to the Unemployment Insurance section on the right side of the page and select “Unemployment Services”.

Scroll down to the bottom of the page and you will see a section called “Get your 1099-G.” Select 2020.

Your browser will then automatically download the form.

How to get a hard copy of Form 1099G from the New York Department of Labor

The state Department of Labor will not send 1099-G forms unless specifically requested.

You can request a hard copy over the phone at 888-209-8124.

Consult with a tax advisor to learn about federal and state tax credits and deductions

Lisa Greene-Lewis, CPA at tax preparation software company TurboTax, said income-based tax incentives and deductions are available to New Yorkers this tax season.

From income tax credits earned by the federal government and states to tax credits for children and dependents, Lewis says low-income New Yorkers with unpaid tax bills and collecting unemployed should consult a tax accountant to review all of the options currently available.

New Yorkers should also be alert to specific local tax credits such as child and dependent care, and earned income tax for New York City residents, he said. she declared.

“Credits are dollar for dollar by taking away the taxes you owe,” she said. “There is a state specific earned income tax credit that is 30% of the federal earned income tax credit … there are specific credits for New York City as well.”

Importantly, Lewis says the last thing New Yorkers should do is wait until April 15 to review available tax credits and deductions.

Lewis and Ricky Wolbrom of Great Neck-based accounting firm Malc & Company said stimulus checks, known as economic impact payments, are not taxable.

TAXATION: Surprises await you, and some could be good for your bottom line

CORPORATE: Even during COVID-19 cash crunch in New York City, $ 465 million poured into movies and shows in 2020

GOVERNMENT: When the park gets bigger, who pays the taxes? Ask Westchester and Rockland

Wolbrom, a partner of Malc & Co, also noted that this year, taxpayers can claim a deduction of up to $ 300 for cash donations made to charities in 2020.

However, all unemployment benefit claimants, including New Yorkers on temporary leave, must pay taxes on their benefits, he said.

If all else fails, Wolbrom suggests contacting the IRS to arrange a payment schedule.

“If you owe money on April 15th and” can’t afford to pay it then, “you can try contacting the IRS and work out a payment schedule with them to pay it off. a period of time X, “he said.

IRS reimbursement plans can be found here. The government entity also said that the recovery repayment credit could be available for those who did not get a full stimulus check – also known as the economic impact payment.

Mario Marroquin takes care of real estate and economic development. Click here to see his latest stories. He can be reached at [email protected] or @ mars3vega


Source link

Leave A Reply

Your email address will not be published.