Tax Season 2020 Unemployment Compensation

Hello Everybody,

2020 sure has been a shock to everyone this year. I wanted to make a blog post about how unemployment compensation may affect your tax return this year.

Once the national lockdown began, there was an estimated 20.5 million jobs lost in the month of April. I am not sure how many jobs came back exactly but many individual's, especially in New York City where lockdown rules were stricter compared to other areas in the nation, have been collecting unemployment and will continue until the end of year.

How to file unemployment compensation on your tax return for 2020.

When you first apply for unemployment benefit