American Rescue Plan and $10,200 of Unemployment
If you have already filed your taxes
As part of the recently passed American Rescue Plan, the first $10,200 worth of unemployment payments are now tax-free for households with annual incomes less than $150,000. This expanded tax relief begins this year, starting for taxpayers filing returns after January 1, 2020. The IRS will provide additional guidance about what you need to do to take advantage of this relief if you already filed your 2020 tax return.
If you’d like to be updated when the information becomes available, please sign up here.
If you have not yet filed your taxes
As part of the recently passed American Rescue Plan, the first $10,200 worth of unemployment payments are now tax-free for households with annual incomes less than $150,000. This expanded tax relief begins this year, starting for taxpayers filing returns after January 1, 2020. Once the IRS provides additional guidance, TurboTax will be updated to reflect these new tax laws relating to unemployment.
If you haven’t filed your 2020 taxes yet and would like to receive progress status updates, please sign up here.
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