i filed my taxes already, and i owed because electing to have taxes taken out of unemployment still doesn't take out enough but i want to know how much i will get back now that Biden passed that law about the first couple thousand being tax free. irs said may but i haven't heard any new info
Your Form 1099-G, which will show the amount of unemployment income you received. Form 1099-G will also show any federal taxes you had taken out of your unemployment pay. You are now entitled to exclude the first $10,200 of federal unemployment income from paying any taxes.
The bill makes the first $10,200 of federal unemployment income ($20,400 for married filing jointly) tax-free for households with income less than $150,000. The legislation excludes only 2020 federal unemployment benefits from taxes, not unemployment income received in 2021.
The good news is the the IRS has reviewed the first round of Unemployment Calculation Exclusion (UCE) for about 21,000 filers.
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