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PUA & TAXES
talessi@ariesfoundation.org
The American Rescue Plan and Filing PUA Taxes
Here’s how it affects PUA:
Pandemic Unemployment Assistance (PUA) now runs through the week ending September 4, 2021. Do I automatically get the extension?
You can or will depending. The best thing to do is to continue to file your weekly certifications. You should see the additional money show up soon in your account balance. We expect delays, but the new funds should automatically be added to your account.
Will I still get the $300 extra each week?
Yes, the Federal Pandemic Unemployment Compensation (PUC) program will continue to provide an extra $300 per week until the week ending September 4, 2021. All you need to do is continue filing your weekly certifications to receive these extra benefits. They will be paid at the same time as your weekly PUA benefits.
Do my PUA benefits count as taxable income for 2020?
Yes, you do have to report your PUA benefits as earned income when you file taxes. You will get a 1099-G form in the mail that lists your income from PUA, PUC, and the Lost Wage Assistance program from the end of the summer (the previous extra $300 per week). Note: If you didn't receive a 1099-G don't panic, either add the income on your 1040 or go online and print out a blank form.
As part of the American Rescue Plan, the federal government will forgive income taxes on up to $10,200
in benefits per person, as long as your gross income was less than $150,000.
That means if you and a spouse both collected unemployment benefits, the government will forgive taxes on up to $20,400.
What if I’ve already filed my taxes?
You can file an amended return to claim the $10,200 exemption, but we recommend waiting until the Internal Revenue Service (IRS) gives more guidance on what to do if you’ve already filed your taxes and need to amend your return. We recommend reaching out to a professional if you have questions on delaing with tax concerns.
Should I wait to file my taxes?
We recommend waiting to file your taxes until after the Internal Revenue Service (IRS) has issued more guidance about how to get the tax forgiveness for up to $10,200 in unemployment benefits when filing your taxes.
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