Tax season is fast approaching and those who received unemployment benefits last year must report those benefits when they file.
The Oklahoma Employment Security Commission said many Oklahomans received unemployment benefits for the first time in 2020 and may have some questions about how to report them or may not know they need to report those benefits.
It is required to report all unemployment benefits on both federal and state taxes.
OESC said it will send out an IRS 10-99-G form to anyone who received unemployment benefits. That is a federal form that will list the total amount of benefits you received in 2020.
OESC said it has already started mailing out those forms and folks should get them within the next few weeks.
Keep in mind, tax season has been pushed back a few weeks.
It now starts on February 12. The IRS said that gives the agency time to do additional programming and testing of IRS systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.
“This programming work is critical to ensuring IRS systems run smoothly. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers,” the IRS said in a news release. “These changes ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.”
The IRS recommends filing electronically and using direct deposit to get your refunds more quickly.
The deadline to file, as of now, is still April 15, unless you file for an extension.