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The IRS just updated this 6 hours ago. Amended returns are now not needed to calim the $10,200 exclusion for unemployment. They will refigure the amount and send you a check for the refund.

New Exclusion of up to $10,200 of Unemployment Compensation | Internal Revenue Service 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.

So many changes this year! Here are a couple of the biggest recent changes.

1. The first $10,200 of unemployment benefits are now not federally taxable. If you filed a return reach out to me to amend. The typical tax savings is around $1,000.

2. The filing due date is now May 17. Most likely the payment due date will also be extended to that date.

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Are you an income tax procrastinator? These tips are for you! Though these tips are valuable, I realize you might still procrastinate, so I'm offering FREE filing of your EXTENSION all tax season long. Message me if that's you!

Are you an income tax procrastinator? These tips are for you! Procrastination seems to be a very common problem shared by American tax payers, one that becomes especially acute every springtime. If you’re one such taxpayer and you miss filing your taxes by the annual April 15th dea...

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