topic Re: Can I decrease my tax due since IRS won't take taxes from some unemployment benefit? in Retirement tax questions

Can I decrease my tax due since IRS won't take taxes from some unemployment benefit?

tsuji-m — Fri, 12 Mar 2021 17:27:48 GMT

Re: Can I decrease my tax due since IRS won't take taxes from some unemployment benefit?

HelenC12 — Fri, 12 Mar 2021 18:25:33 GMT

Yes, your tax due amount will be decreased but please wait to file your tax return. We're waiting for guidance from the IRS on how you can claim these additional benefits soon.

The American Rescue Plan exempts the first $10,200 of unemployment payments for households with an annual income under $150,000.

Re: Can I decrease my tax due since IRS won't take taxes from some unemployment benefit?

tsuji-m — Mon, 22 Mar 2021 18:03:20 GMT

Thank you very much for your reply.

I understood.

I found about it after I filed my tax return. It would be still ok?

Misao Tsuji

Re: Can I decrease my tax due since IRS won't take taxes from some unemployment benefit?

PattiF — Mon, 22 Mar 2021 18:16:42 GMT

Yes, it will be okay. The IRS is finalizing their plan for people who had already filed and included their unemployment benefits.