03/18/2021
****Update****
If you filed your tax return previous to the unemployment tax exclusion do not amend your return, the IRS will automatically do so and at some point send out refunds as needed.
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Update for those who had unemployment in 2020!
The first $10,200 of unemployment received per person in 2020 has been excluded from income for tax purposes for many filers.
Currently the IRS does not want you to amend returns already filed, so wait for future updates on what to do if you have done so.
In other news the filing due date for individuals has been extended from April 15th to May 17th this year.
Best!
If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200.