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The Water Cooler
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Received unemployment and already filed your 2020 tax return?
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<blockquote data-quote="SlugSlinger" data-source="post: 3540685" data-attributes="member: 7248"><p>Edit - The IRS is now saying do not re-file or file an amended tax return if you claimed unemployment income on your 2020 tax return. The IRS will provide information when they get this figured out.</p><p></p><p></p><p>"The latest updates to the $1.9 trillion federal coronavirus relief package could save millions of people from a surprise tax bill.</p><p></p><p>The Senate <a href="https://www.cnbc.com/2021/03/06/the-senate-passes-biden-stimulus-whats-next.html" target="_blank">on Saturday</a> passed a version of the Covid relief package that is slightly different than the one passed by the House. Senate Democrats agreed to lower additional unemployment aid to $300 per week from $400 but extended the payments through Sept. 6.</p><p></p><p><u><span style="color: #ff4d4d">They also included a provision to waive taxes on the first $10,200 in unemployment income for those who made less than $150,000 in adjusted gross income in 2020.</span></u></p><p></p><p>Making the first $10,200 of unemployment insurance income untaxable is aimed at keeping families from being hit with a surprise tax bill at a difficult time for many. In 2020, <a href="https://tcf.org/content/report/the-case-for-forgiving-taxes-on-pandemic-unemployment-aid/" target="_blank">roughly 40 million Americans collected unemployment insurance benefits</a>, according to a February research paper written by Brian Galle and Elizabeth Pancotti for The Century Foundation."</p></blockquote><p></p>
[QUOTE="SlugSlinger, post: 3540685, member: 7248"] Edit - The IRS is now saying do not re-file or file an amended tax return if you claimed unemployment income on your 2020 tax return. The IRS will provide information when they get this figured out. "The latest updates to the $1.9 trillion federal coronavirus relief package could save millions of people from a surprise tax bill. The Senate [URL='https://www.cnbc.com/2021/03/06/the-senate-passes-biden-stimulus-whats-next.html']on Saturday[/URL] passed a version of the Covid relief package that is slightly different than the one passed by the House. Senate Democrats agreed to lower additional unemployment aid to $300 per week from $400 but extended the payments through Sept. 6. [U][COLOR=#ff4d4d]They also included a provision to waive taxes on the first $10,200 in unemployment income for those who made less than $150,000 in adjusted gross income in 2020.[/COLOR][/U] Making the first $10,200 of unemployment insurance income untaxable is aimed at keeping families from being hit with a surprise tax bill at a difficult time for many. In 2020, [URL='https://tcf.org/content/report/the-case-for-forgiving-taxes-on-pandemic-unemployment-aid/']roughly 40 million Americans collected unemployment insurance benefits[/URL], according to a February research paper written by Brian Galle and Elizabeth Pancotti for The Century Foundation." [/QUOTE]
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