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If you got unemployment benefits in 2020, you just got a tax break courtesy of the $1.9 trillion American Relief Plan that President Joe Biden signed into law on Friday. Here’s how the latest ...
To help Americans make it through the depths of the pandemic, the U.S. government issued a series of stimulus payments in 2020 and 2021. According to data from the U.S. Census Bureau, that ...
According to a separate IRS announcement, you can’t exclude unemployment compensation from taxation if your modified adjusted gross income is $150,000 or more.
As part of the American Rescue Plan stimulus relief bill that was passed back in March, up to $10,200 in federal taxes on unemployment benefits would be waived for people earning less than $150,000...
The IRS will send an estimated $2.4 billion to taxpayers who didn’t claim the recovery rebate credit on their 2021 tax returns. About 1 million taxpayers were eligible for the credit but failed ...
The IRS has finally finished issuing refunds to taxpayers who overpaid their taxes in 2021, when stimulus relief tied to COVID-19 provided tax breaks for unemployment benefits to millions of...
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The stimulus payments in 2020 and 2021 were not taxable income because they were actually advance payments of tax credits. A tax credit is a dollar-for-dollar reduction in the amount of your tax ...