President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law on March 11, 2021. It provides an estimated $1.9 trillion in stimulus to aid COVID-19 recovery efforts. Included in the Act are many provisions intended to support both individuals and businesses. Here, we highlight Unemployment Benefits:
Households with an adjusted gross income under $150,000 (for single and married taxpayers), the first $10,200 of 2020 unemployment benefits will not be subjected to federal income tax. So, if a taxpayer received unemployment benefits in 2020 (and already filed their return), they may wish to consider filing an amended return.
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The information contained in this article is intended for educational purposes and to provide a general understanding of regulatory events, legislative changes and the law – not to provide specific legal advice.