The latest version of the $1.9 trillion federal coronavirus relief package could save millions of people who lost work due to the pandemic from a surprise tax bill.
On Saturday, the Senate passed a version of the Covid bill that included a provision to waive taxes on the first $10,200 in unemployment insurance benefits for those who made less than $150,000 in adjusted gross income in 2020.
If both individuals in a married couple who file taxes jointly received unemployment insurance benefits in 2020, each will see taxes waived on the first $10,2000 of that income — for a total of $20,400 — as long as their combined adjusted gross income is less than $150,000, according to the latest version of the bill.
Carmen Reinicke | CNBC