We wanted to send a quick note regarding the Covid Relief bill that was passed this weekend. As part of the bill, the first $10,200 of unemployment income will not be taxable on your 2020 tax return.
As the bill was just passed this weekend, the details on the processing of the returns affected has yet to come out from the IRS.
Next steps may include filing an amended tax return (if you've already filed) or requesting an extension until the details are finalized.
Please reach out to your tax preparer or a tax professional for additional information.
Local 750 Executive Board