Unemployment insurance benefits must be reported as taxable income
MADISON, Wis. (WMTV) - Wisconsinites who received unemployment insurance benefits last year must report those benefits as taxable income in their 2020 tax returns, the Dept. of Workforce Development reminded residents Wednesday.
According to a news release, these benefits include Federal Pandemic Unemployment Compensation, Pandemic Unemployment Assistance, Pandemic Emergency Unemployment Compensation, Lost Wages Assistance, and Extended Benefits.
The amount of unemployment insurance benefits that each person received in the past year will be reflected in people’s 1099-G forms, which all of the benefits listed would be claimed on.
The department also said that people’s 1099-G forms are accessible through their online system.
People who have been given a long-term exception to using online services will receive their statements in the mail.
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