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Tax

Relief On Tax Related To Unemployment Benefits

As a result of the American Rescue Plan Act, taxpayers who received unemployment benefits in 2020 with modified adjusted gross income of less than $150,000 don’t have to pay tax on the first $10,200 in unemployment compensation. For those taxpayers who have already filed their 2020 tax return the IRS is requesting that you not amend your 2020 tax return yet. The IRS will be issuing additional guidance on those provisions in the Act that could affect their 2020 tax return, including the retroactive change in the taxability of unemployment compensation.

Taxpayers should consult their tax professional regarding the timing for any amendment to the 2020 tax return.

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