Tag: unemployment benefits

Under The American Rescue Plan, this was signed into law on March 11, made the first $10,200 of unemployment income tax-free. For married couples filing jointly with less than $150,000 AGI in 2020, the tax break limit will be $20,400. Are you worried how much unemployment benefits taxes you'll be paying? Check your Refund…

While the stimulus checks that you received are tax-free and will not be counted as income, unemployment benefits are a different story.   About 30 million Americans received unemployment insurance benefits last year. This amounts to an estimated $580 billion in benefits, averaging about $14,000 in unemployment benefits last year. Like regular income, unemployment income…