The American Rescue Plan passed last month included a tax relief provision that waives taxes on up to $10,200 of unemployment benefits, meaning more money in many American’s pockets.
For people filing their taxes, this break could mean significant savings. For those who already filed, it could mean a reimbursement. But in the Carolinas, state law is making things tricky.
When it comes to taxes, unemployment benefits are usually treated as income.
But the American Rescue Plan passed March 11 exempted the first $10,200 of federal jobless benefits claimed in 2020 from people’s taxable income, for those making less than $150,000.
That means a lot less sticker shock for those who didn’t opt to have taxes taken out of their unemployment upfront. Now they won’t have to pay up on that first $10,200.
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