2021 American Rescue Plan Act Excludes Some Unemployment Income
Greg Dowell • March 18, 2021
2020 income tax returns are impacted -
The American Rescue Plan Act of 2021 was enacted recently, and it makes the first $10,200 of unemployment benefits nontaxable for households that earn up to $150,000 of income. That benefit applies to 2020 unemployment income received. If an individual has already filed an income tax return and is effected by this new provision (and paid tax on unemployment benefits), the IRS is asking taxpayers not to file an amended return at this time. Just today, the IRS has indicated that it will issue automatic refunds to any individuals so affected.
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