{ "media_type": "text", "post_content": "What do unemployment benefits look like now? 450/week plus an additional 600/wk if it’s covid related? Is it taxed as income?", "post_id": "5eadc496798b510028662b39", "reply_count": 4, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

What do unemployment benefits look like now? 450/week plus an additional 600/wk if it’s covid related? Is it taxed as income?

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Taxed as income but $600 (recently) + your state’s unemployment insurance

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Depends on state. Taxed as income i believe

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Taxed as income...but your income has by definition gone way down, and there’s no withholding on the benefits AFAIK. So, your tax liability really depends on how quickly you get a new job and will be sorted out next April

If you're talking in general, it's currently whatever your state pays + $600 from the feds per week through July. Depending on what your income was pre-unemployment, the temporary expanded unemployment could potentially pay more than you were making, since it tends to pay a bit more than the median individual income in each state. Should be taxed as income, but I'd check the state unemployment office to see how it's taxed in a specific state.

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