Form 1099 G: What Is It, and What Does It Mean for Your 2020 Tax Return?
For millions of Americans, filing taxes for 2020 has the potential to be the most complicated year of tax returns in decades. That’s largely due to the economic and other effects of the COVID-19 pandemic. A record number of Americans — April 2020 saw the highest number ever recorded — received unemployment. This means they will also receive Form 1099-G (which is subtitled "Certain Government Payments") along with their other tax-related forms.
Form 1099-G is a tax form that contains information which can have a bearing on how you file your taxes and the amount of income that you’ll need to report on your tax return, and you’ll use it in different ways depending on whether you itemize your taxes or claim the standard deduction. If you’re anticipating receiving this form — or you’ve already gotten one for 2020 — learn more about how it might affect the way you file your taxes.