![]() ![]() The Treasury Department says it has sent out 90 million economic impact payments totaling $242 billion since President Joe Biden signed a $1.9 trillion pandemic relief plan last week. Federal unemployment payments were increased by 300 per week, and the benefits were extended through Septemfor eligible individuals. H&R Block is reportedly awaiting further guidance from the IRS and did not provide a timeline. Is anyone willing to speak about the frustrations on the delayed unemployment tax refund for a story we’re doing If you were depending on this refund to help you get by, please send me a DM. The American Rescue Plan makes the first 10,200 of unemployment income tax-free for households with income less than 150,000 for your 2020 taxes only. ![]() If your modified AGI is $150,000 or more, you can’t exclude any unemployment compensation.”Ī TurboTax spokeswoman told CNBC they expect to have their software updated by Thursday evening. Amounts over $10,200 for each individual are still taxable. If you are married, each spouse receiving unemployment compensation doesn’t have to pay tax on unemployment compensation of up to $10,200. Also, does anyone know whether Michigan has imple. I just checked the software a hour ago, and it did not seem to have been updated. “If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200. Hello, when will the TurboTax Premier updates be available for the 10,200 unemployment tax relief for both Federal and State (Michigan, South Carolina). Here is the provision as described by the IRS: The American Rescue Plan Act of 2021 includes new guidance that allows people to waive tax liability on up to 10,200 of unemployment compensation in 2020. ![]() According to CNBC, both TurboTax and H&R Block are still working to update their tax software to include the new exemption. WASHINGTON (NEXSTAR) - The American Rescue Plan Act of 2021 includes new guidance that allows people to waive tax liability on up to $10,200 of unemployment compensation in 2020. ![]()
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