Did you file your tax return without excluding unemployment benefits?

Did you already file your tax return? Are you wondering what will come of the $10,200 of unemployment benefits you did not exclude from your income? The IRS has announced that they will start issuing tax refunds in May to those who already filed their 2020 tax returns without excluding these unemployment benefits.

Again, $10,200 per person of unemployment benefits are allowed to be excluded from Federal tax purposes (with many states following this) for those households with income under $150,000.
#taxes #unemploymentbenefits

Saturday, April 3, 2021