Finally, under the Cares Act, if a person received a stimulus check, it is treated as a fully refundable tax credit for 2020, which means it isn’t included in gross income and thereby is not subject to taxes. If a person received any money from the federal or state government unemployment fund, that money is taxable. It is included in gross income and taxed at an ordinary income rate.
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November 14, 2020 at 12:29PM
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Make Ends Meet: A financial year in review - WAVE 3
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