Tax on unemployment benefits paid in 2020:
If you were paid unemployment in 2020, please read on...
Good news! The Senate passed the stimulus package this weekend and the bill goes back to the House for their approval. Big part of that package was to exempt the first $10,200 of unemployment benefits paid, for those whose total income is less than $150k.
What this means is that you should wait to file your tax return until the tax issue is final. We'll keep an eye on this and keep you updated.
If you know a friend or colleague who received unemployment, you may want to pass this along.
Feel free to reach out with any questions.