Author: kaitlyn76b
Got unemployment compensation during 2020? Wait to file your federal income tax return
According to Michael Gray, CPA, “Sometimes Congress passes legislation thatÂ’s retroactive. This change relates to millions of taxpayers who received unemployment compensation during 2020 and who are dutifully submitting their federal income tax returns. They should wait this year until a new exclusion can be processed.” While many are excited to receive another federal government stimulus check, those who received unemployment compensation during 2020 should be aware of a tax break in the American Rescue Plan Act of 2021, COVID-19 relief legislation passed in Congress on March 10. If a taxpayer (same threshold for a single or joint return) has ... Read more