Skip to Content

Good & bad news on taxes for coronavirus relief money

Screen Shot 2020-05-18 at 6.48.43 PM

(CNN)- Billions of federal coronavirus relief dollars are going straight to Americans, but will they have to send some of that money back to Uncle Sam at tax time?

You can opt to withhold taxes from your weekly benefit through your state unemployment agency, pay estimated taxes quarterly or wait until you file your return.

If requested, states typically withhold 10% for federal taxes and an additional amount to cover their levy, if applicable.

Article Topic Follows: Coronavirus

Jump to comments ↓

Author Profile Photo

Aziza Shuler

Aziza Shuler joined KYMA in March 2019 wearing many hats including the newest anchor and producer for FOX 9, as well as a multi-media journalist for KYMA.

BE PART OF THE CONVERSATION

KYMA KECY is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content