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What You Need to Know About Form 1099-G When Filing 2021 Taxes

Explore Form 1099-G, where to get it, how to interpret it, and what it means for filing your annual tax return.

Your taxable income includes unemployment benefits, and depending on how much you paid on your state and federal taxes, you could owe the government some money. The amount that you withheld could offset your liability, but you’ll need the 1099-G form when filing your 2021 taxes to determine the impact of this income.

Where do I get the unemployment 1099-G form?

The “G” in 1099-G stands for “government,” and that’s exactly where you will find the 1099-G form.  Your local and/or state government will send you this form to report on one or more of the following types of financial assistance:

●      Unemployment benefits

●      Agricultural payments

●      Income tax refunds, credits, or offsets

●      Taxable grants

●      Reemployment trade adjustment assistance payments

You should have received your unemployment 1099-G form by January 31st, but if you haven’t, you can reach out to your state or local taxing authority, or unemployment office. The Internal Revenue Service or IRS will expect this income to be reported and will receive copies as well.

What’s next after you receive your 1099-G form?

To avoid owing more federal income tax, don’t ignore your unemployment 1099-G form. Use the information it provides to complete your tax return and you’ll avoid penalties and interest as well.

There’s no need to send a copy to the IRS, or your state taxing authority. They will already have a copy. However, you might want to keep it for your tax records.

We’re here to help with your 1099-G form.

The 1099-G form has had some revisions and you may receive multiple 1099-G forms, but we’ve got you covered.  KPMG Spark tax preparers provide managed, online accounting with real-time support and they’ll ensure your 1099-G form information is compliant, filed accurately, and on time.

You don’t have to tackle your tax preparation on your own. KPMG Spark can provide the bookkeepers and resources to support your business during tax prep and throughout the year. Contact KPMG Spark today and visit with an accounting specialist dedicated to help your small to medium-sized business success. They will help you with managing your 1099-G forms correctly by one of their support teams and answer any questions you may have about taxable benefits.

 

The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG LLP.

This blog article is not intended to address or provide advice concerning the specific circumstances of any particular individual or entity and does not constitute an endorsement of any entity or its products or services.

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.

KPMG SparkMarch 4, 2022Posted In: Tax Tips

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When Is Form 1099 Due?

What Is a 1099 and Why Should I Care?

KPMG Spark’s Guide To Important 2021 Tax Due Dates and Quarterly Filing Deadlines

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