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The latest COVID-19 Relief Bill allows the first $10,200 of UI to be nontaxable.
For those who have filed already, you might have to amend your return to account for the non taxable unemployment benefits.
Yes you are correct! I was in a hurry to post this and forgot to include details. Thanks!
Your stimulus eligibility would be based on your most recently filed tax return. If it is more beneficial for you to file now to get the money ASAP, then you should worry about UI not being taxed later on.
Sorry for not posting early enough! It wasn’t sure if the unemployment clause would get included in the final bill. Yeah don’t file early. Most early filers, at least this year, have been encountering issues with getting their refund. Gotta be somewhere in the middle of the pack.
Yes, hence the reason for delaying the return.
Might have to check most recent tax laws passed/in progress by your state.
UPDATE: IRS TELLS TAXPAYERS WITH EXCLUDABLE UNEMPLOYMENT TO HOLD OFF ON FILING AN AMENDED RETURN IF YOU’VE FILED ALREADY. WAIT FOR FURTHER GUIDANCE AS TO HOW YOU WILL GET YOUR MONEY.
Nothing yet. That’s why it is better to wait until further developments.
wait for further updates on this. I will get back to you when I get more information. IRS has not issued guidance yet.
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Makes sense.
Hopefully they do this as the influx of UI amendments would flood their already clogged system.