We’ve been getting a lot of calls this week about unemployment. Understand that unemployment is taxable income. When getting unemployment you’ll have the option to have taxes taken out automatically or you’ll have to pay at tax time next year, so you need to put money away for that. Also, the $600 you get on top of unemployment is also considered taxable income. For many, the extra $600 is more than they make working, and if you’re getting help through MnSure with tax credits for your health insurance, depending on your income, you might have to pay some back at tax time. And just to clarify, the stimulus money you get is not counted as income!
We’ve also had calls about the stimulus money, some haven’t gotten that yet, they’re sending that out in waves. For example Social Security-VA won’t be going out till mid-May. You can try using irs.gov to find out the status of your payment.
If you have a question or concern about health insurance, maybe you lost your job or are furloughed. If you're wondering about a 401(k) at a job you no longer have, or with tax time you want to open an IRA, or you want to start a retirement plan, whatever the case may be, we're here to help. Call 320-679-5183.
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