Expert: No tax break on 2021 unemployment benefits
The American Rescue Plan Act passed in March of 2021 waived federal taxes on up to $10,200 of benefits per person for 2020, but not for 2021.
News 12 Staff
•
Jan 14, 2022, 11:12 AM
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Updated 825 days ago
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316ds agoSo many
people are heading back into the workforce, but for those who collected
unemployment last year, this is something you need to hear as tax season
approaches.
People who
collected unemployment benefits in 2021 don't appear to be getting a tax break
like they did for 2020.
The American Rescue Plan Act passed in March of 2021
waived federal taxes on up to $10,200 of benefits per person for 2020,
but not for 2021.
An expert News 12 spoke to says you need to plan ahead.
He also
suggests those who are really struggling should look into setting up a payment
plan with the IRS if there is "significant enough liability" to pay
over time.
