The IRS is asking individuals who received unemployment benefits in 2020 and have already filed their 2020 tax returns, not to file amended returns until it issues additional guidance. The American Rescue Plan Act provides that, for taxpayers whose 2020 modified adjusted gross income is less than $150,000, the first $10,200 of unemployment compensation received in 2020 isn’t included in their 2020 gross income. The IRS will provide taxpayers with additional guidance on those provisions that could affect their 2020 tax returns, including the retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable. Call or visit our website for more information! www.mjscpa.com/
