(TAX-FREE $10,200 AUTO-REFUND) NEW TAX LAW 2021! WATCH BEFORE FILING! UNEMPLOYMENT UPDATE 03/19/2021

Major Update released today from the IRS! There are new laws while filing for 2021! One of which provides you with $10,200 of tax free unemployment benefits in 2020. HOWEVER people who have already filed are wondering how to take advantage of this and same goes for those who are yet to file their 2020 taxes.
#Taxes, #Incometax #tax

Today we received guidance from the IRS!
The IRS plans to automatically process refunds for taxpayers who had unemployment income in 2020 and filed their tax returns before legislation passed that made those benefits tax-free.

The American Rescue Plan, which was signed into law by President Joe Biden on March 11, made the first $10,200 of unemployment income tax-free for people with adjusted gross income of less than $150,000 in 2020. (The break is $20,400 for two workers in a married couple filing taxes jointly.)

But by the time the law passed, in the middle of tax season, some people who received unemployment income in 2020 had already filed and paid taxes on those benefits.
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As updates come out, I will be sure to share.
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