SOM
Treasury: Taxpayers Should Consider Filing an Amended State Return for Unemployment Benefit Tax Relief
April 27, 2021
LANSING, Mich. - Taxpayers who filed their state 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.
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.