![]() ![]() Second, those married filing jointly who are eligible to exclude up to $20,400, and others with more complex returns. ![]() First, taxpayers who are eligible to exclude up to $10,200.The agency will do these recalculations in two phases. Any resulting overpayment of tax will be either refunded or applied to other taxes owed. For taxpayers who already have filed and figured their 2020 tax based on the full amount of unemployment compensation, the IRS will determine the correct taxable amount of unemployment compensation. This law change occurred after some people filed their 2020 taxes. Information for people who already filed their 2020 tax return ![]() All other eligible taxpayers can exclude up to $10,200 from their income. People who are married filing jointly can exclude up to $20,400 – up to $10,200 for each spouse who received unemployment compensation. This means they don't have to pay tax on some of it. Under the new law, taxpayers who earned less than $150,000 in modified adjusted gross income can exclude some unemployment compensation from their income. These refunds are expected to begin in May and continue into the summer. The IRS will automatically refund money to eligible people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. However, a recent law change allows some recipients to not pay tax on some 2020 unemployment compensation. Normally, any unemployment compensation someone receives is taxable. ![]()
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