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Read the measure (Senate Bill 614 ) and testimony about it at. A bill exempting unemployment compensation from Hawaii income taxes passed in the state Senate but has yet to clear the state House, so that's not a done deal, to answer another reader's question.

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Further guidance will be posted on the IRS website this week, and we'll share it as soon as we can-many other readers also are asking this question.įor those who received unemployment benefits but haven't filed their 2020 income tax return yet, the IRS said it would work with the software industry to update tax software so that taxpayers can correctly report their unemployment income, and provide a worksheet for paper filers.Īs you indicated, this provision affects only federal income taxes, not state.

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The agency is still figuring out how to implement this aspect of the American Rescue Plan Act for eligible people who have already filed their 2020 income tax return, and doesn't want those filers taking unnecessary action in the meantime. No, you should not file an amended return at this time for the tax relief on your unemployment benefits, the Internal Revenue Service said in a statement Friday. We are happy for the exemption and hope the state follows suit, but need to know what to do.Īnswer : Your question raises several issues, so let's take them one by one. We filed our taxes as soon as we could online (mid-February ) because we wanted to make sure that we qualified for the new stimulus based on our lower 2020 income, but now we have this income tax thing to figure out. Will people who received unemployment benefits in 2020 and already filed their 2020 taxes have to file an amended return to capitalize on this exemption ? Or will the IRS correct those returns without action by the taxpayer ? Or is the answer something else ? This affects me and my friends on unemployment.

14-Question : The American Rescue Plan Act signed into law by President Biden on Thursday exempts from federal income taxes the first $10, 200 in unemployment benefits for households with 2020 income under $150, 000.

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