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Did you report unemployment income on your SC tax return? You ll want to refile

SOM - Treasury: Taxpayers Should Consider Filing an Amended Return for Unemployment Benefit Tax Relief

SOM Treasury: Taxpayers Should Consider Filing an Amended Return for Unemployment Benefit Tax Relief April 27, 2021 LANSING, Mich. - Taxpayers who filed their individual income tax returns and collected unemployment benefits in 2020 should consider filing an amended return if they haven t yet received their entitled tax relief, according to the Michigan Department of Treasury. The federal American Rescue Plan Act excludes unemployment benefits up to $10,200 from income for tax year 2020 for those within certain income brackets, providing tax relief on both federal and state income taxes. Taxpayers who may have anticipated owing taxes may now be entitled to a refund or a lesser payment.

CASEY: Late changes by Congress may bedevil income tax filers this year

Are you ready for the latest good news and bad news regarding your federal income taxes? Today, we have a little bit of both. But it depends on your level of income, whether or not you received unemployment benefits last year and whether or not you’ve already filed your federal income tax return for 2020. To put it in a nutshell: The $1.9 trillion stimulus bill President Joe Biden signed into law Thursday retroactively changed the rules regarding taxation of unemployment benefits. And that could mean you’ll be getting a larger tax refund (or a lower tax bill), potentially to the tune of thousands.

How to Claim Your $10,200 Unemployment Tax Break If You Already Filed Taxes

How to Claim Your $10,200 Unemployment Tax Break If You Already Filed Taxes
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Detailed text transcripts for TV channel - FOXNEWS - 20110102:22:35:00

joins us from our d.c. bureau and we do not have the story, but i do want to add and we ll get back to her once we get her, but, i filed an amended return, i have to talk about how backed up the government is, in march of march 22nd, last year and got the check, three weeks ago. gregg: really. julie: they are still paying us back. gregg: an amended return. julie: nevertheless, there was a 6 week delay and turned into many, many months and is something to keep in mind, when you think of filing early. is. gregg: wants to hear what caroline has to say, we ll get it to you in a moment. julie: these days smartphone users can get an app for just about everything, bought the makers of those applications, have yet to figure out the best way to profit off of it, so, will it be the year they put it all together and reap their rewards? the managing partner with chapwood capital investment joins us. ed there was a time when no one thought you could profit off the internet and today t

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