Hey, guys, it's Ginny Silver.
And today I want to briefly go over with you
the answer to the question, what is a 1099G now, if
you're a regular viewer on my channel, this may not
be new information, but it has recently come to my
attention that over the last last couple of days, the
search query what is the 1099 G?
Has skyrocketed in Google, leading me to believe
that there needs to be more information about
this put out there on the Internet.
So what is the 1099 G?
1099 G is a tax form that federal,
state or local government's file if they have
made payments of unemployment compensation, state or local
Income Tax Refunds Credits or Offsets Reemployment Trade
Adjustment Assistance Payments, Taxable Grants, Agricultural payments.
They also file this form if they have
received payments on a Commodity Credit Corporation loan.
Now, the majority of viewers who are receiving this
form and who are coming to my channel for
this information are receiving it because they have received
unemployment benefits or another form of government aid.
If you received such forms of government aid,
then that income, while it is not earned
income, is classified as taxable income.
You will receive form 1099 G and you
will then be required to file the information
within the form in your 2021 income taxes.
After you receive form 1099 G, you will need
to enter the information listed on the form into
your income taxes using either tax preparation software or
by turning in the actual copy of the 1099
G to your professional tax preparer.
If you received unemployment benefits in the
State of California, those unemployment benefits or
pandemic unemployment benefits are taxable on the
federal level, but not the state level.
Unlike tax year 2020, this year, there is no
tax forgiveness for unemployment benefits at this time.
If you collected unemployment benefits in the State of California
but have not received this form, then it will be
due to you by the end of January.
You can access it online.
If you are not receiving a paper copy by clicking on
UI Online Homepage, clicking on the payment section at the top
of the page and then clicking on 1099 G's link that
you see noted at the top of the page.
Now, some of you may have landed on this video
because you received form 1099 G from the California Edd,
but you received no unemployment income if you did not
collect unemployment benefits, and yet you have received form 1099
G from the Edd due to an extreme amount of
unemployment fraud, you will need to call the form 1099
G phone line in order to report this fraudulent activity.
Lastly, many of you are wondering how much you will
be taxed on the income listed on your 1099 G.
Number one, it's going to depend on if you had
federal income taxes withheld when you received your payments.
If you signed up to have federal income taxes
withheld and you received unemployment benefits then the majority
of your taxes have already been paid.
However, the additional $300 boost which was applied to
your payments between the months of January and September
did not have taxes withheld any benefits received will
be worked into your adjusted gross income.
Everyone's tax scenario is different so the amount of tax
that you are going to owe in terms of a
percentage rate is going to be determined by your own
unique tax bracket as well as your unique deduction scenario.
Lastly, if you find at tax time that you have
a difficult time paying your tax bill, I want you
to understand that you can apply for a payment plan
through the IRS to alleviate your tax burden.
This will give you more time to pay off
what you owe and will save you from interest
and penalty that can continue to accrue if you
do not actually take out a payment plan.
Ok you guys I hope that was helpful please
let me know in the comments down below.
Is your 1099 G available yet and have you
downloaded it or received it in the mail.