{"id":70937,"date":"2020-04-13T16:49:47","date_gmt":"2020-04-13T20:49:47","guid":{"rendered":"https:\/\/www.businesspundit.com\/?p=70937"},"modified":"2020-04-28T18:52:29","modified_gmt":"2020-04-28T22:52:29","slug":"current-unemployment-claim-surge-eclipses-historical-data","status":"publish","type":"post","link":"https:\/\/www.businesspundit.com\/current-unemployment-claim-surge-eclipses-historical-data\/","title":{"rendered":"Current Unemployment Claim Surge Eclipses Historical Data"},"content":{"rendered":"\n
\"Unemployment<\/figure><\/div>\n\n\n\n

Since the coronavirus pandemic started, the eligibility requirements<\/a> <\/strong>for unemployment benefits have changed. If you are unemployed during this time, check with your state unemployment office or visit The Unemployments Benefits Finder<\/strong><\/a> to file for unemployment benefits online to avoid long hold times or constant busy signals by phone.<\/p>\n\n\n\n

The CARES Act also provides some unemployment benefits to people who are self-employed<\/a><\/strong> and out of work due to the pandemic and quarantine. Self-employed individuals are usually not eligible for unemployment benefits.<\/p>\n\n\n\n

Don’t Forget About the IRS.
They Won’t Forget You.<\/h3>\n\n\n\n

If you are able to collect benefits, note that money you receive as unemployment is taxable<\/strong> and you will have to claim benefits as income on your 2020 tax return.

In some states, you may opt to have 10% of your unemployment check withheld to cover the tax obligations. If not, or you opt not to do that, be sure to keep accurate records for your tax professional.<\/p>\n\n\n\n

The Government Recognizes the COVID-19 Pandemic is Unprecedented<\/h4>\n\n\n\n

The graph below shows US unemployment statistics over time.<\/p>\n\n\n\n

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These are the US unemployment claims in their historical context pic.twitter.com\/NJAqPl9BVg<\/a><\/p>— How Things Work (@ThingsWork) April 3, 2020<\/a><\/blockquote>