Results 1 to 10 of 20

Thread: URGENT (By the 17th!) Redeem in Lawful Money for the first time with unemployment.

Threaded View

Previous Post Previous Post   Next Post Next Post
  1. #1

    URGENT (By the 17th!) Redeem in Lawful Money for the first time with unemployment.

    Hi, everyone! I've looked everywhere for a forum that could possibly help me out with filing for the 2020 tax extension on the 17th of this month. I've been trying to find the right advice and would need things told to me as clear as possible as I'm completely new to this and don't have a lot of time left to get it done. I'm always willing to definitely learn more about lawful money and the like, but for now, I just want to make sure I redeem PROPERLY by next week - confidently - without any mistakes or issues.

    So with that said, here's my situation.

    I've been on direct deposit "pandemic unemployment" for the past year and have never been on unemployment before, and typically had family accountant do taxes. Never really did them myself.

    From what I gathered, the 1099-G that New York State gave me is considered income and taxable, but considered the "government version" of unemployment income as one of their workers told me over the phone. I don't think this changes anything. I figured this could be usable with redeeming in lawful money, so this is what I've done so far with this 1099-G that I printed out from their website.

    I put the 1099-G through TurboTax and they gave me two amounts to send to federal and state locations, respectively. After the initial $10,200 of taxable pandemic unemployment income that is being forgiven for everyone, I'm left with $6xx to "NYS Income Tax" (state) and $2xx to "United States Treasury" (federal).

    Here's what TurboTax is saying I need to send in for each, exactly as it reads...

    2020 New York Tax Return:

    My tax return - The official return for mailing is included in this printout. Remember to sign in and date the return.

    My payment - Mail a check or money order of $6xx.xx, payable to "NYS Income Tax". Write last four digits of social and "2020 Form IT-201" on check. Mail return and check together.

    My payment voucher - This printout includes a payment voucher (Form IT-201-V). Mail this voucher with payment.

    Attach copies of federal form 1099-G to my tax return.

    Then it gives a mailing address for it all, postmarked by the 17th, with correct postage.

    2020 Federal Tax Return:

    My tax return - The official return for mailing is included in this printout. Remember to sign in and date the return.

    My payment - Mail a check or money order of $2xx.xx, payable to "United States Treasury". Write your social and "2020 Form 1040" on check. Mail return and check together.

    A voucher is given by TurboTax, but does not explicitly say to include it in the mailing like it did for State Tax, nor include the 1099-G copy.

    Then it gives a mailing address for it all, postmarked by the 17th, with correct postage.

    IMPORTANT(?): On one of the printouts from TurboTax, it's telling me New York State requires this income tax return to be filed electronically by law. I'm not sure why it's saying that as it gave me the option not to file electronically on TurboTax, and I have everything printed already. Still confused by this, as it seems like they're still giving me the option.

    I suppose that's all I have to share, and if any more general information is needed, I'll provide. I just want to get this done, as soon as possible, so I can have some peace of mind. I've been stressed about it lately. To anyone willing to help, thank you! Please make instructions clear as possible so there's no possible room for error.
    Last edited by FRG; 05-08-21 at 12:41 PM.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •