If you received unemployment benefits in 2020 and you’ve already filed your tax returns, the Internal Revenue Service is saying you don’t have to file an amended return to claim the new tax waiver on up to $10,200 of your benefit payments.
President Joe Biden signed the $1.9 trillion American Rescue Plan Act last Thursday, which provides a tax waiver on up to $10,200 of unemployment insurance benefits for 2020 for those earning less than $150,000. The waiver expands up to $20,400 for couples who are married and filing jointly if both partners filed for unemployment. The waiver was a late addition to the package by Democrats who wanted to help out-of-work Americans avoid major surprise tax bills.
Megan Leonhardt | CNBC