• Taxpayers who previously filed federal and Ohio tax returns without the unemployment benefits deduction, but who are not entitled to any additional Ohio refund. Approval and loan amount based on expected refund amount, eligibility criteria, and underwriting. ; it is not your tax refund. A "bracket adjustment" of between $40 and $440 is subtracted from the amount of tax due for taxpayers with net income from $79,301 to $84,600. The form will show the amount of unemployment compensation they received during 2020 in Box 1, and any federal income tax withheld in Box 4. If you received unemployment benefits this year, you can expect to receive a Form 1099-G “Certain Government Payments” that lists the total amount of compensation you received. This is an optional tax refund-related loan from MetaBank®, N.A. The IRS considers unemployment compensation to be taxable income—which you must report on your federal tax return. For more information on unemployment, see Unemployment Benefits in Publication 525. Loans are offered in amounts of $250, $500, $750, $1,250 or $3,500. Taxpayers report this information, along with their W-2 income, on their 2020 federal tax return. The break would increase a taxpayer's refund by about $1,000 or reduce their tax liability by the same amount, according to previous estimates from Andrew Stettner, an unemployment insurance expert and senior fellow at the Century Foundation. The break applies to the 2020 tax year and for households making up to $150,000.
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