Calculate 10200 unemployment tax break12/11/2023 ![]() The IRS gives the example of one spouse having received $5,000 of benefits and the other getting $20,000. Although the couple could receive up to $20,400 if both collected jobless aid in 2020, only half that amount could be applied to each. The American Rescue Plan waived federal tax on up to $10,200 of unemployment compensation received in 2020 per person for those that earned less than $150,000, that rule also applies for married couples filing jointly. As you #GetReady for filing season, check out IRS2Go: /rM7X0NArSE- IRSnews How is the unemployment waiver calculated for married couples? The #IRS mobile app offers easy access to a free, secure way to pay taxes directly from your bank account. The reason is that the waiver for married couples filing jointly is not a simple subtraction of the whole amount but a $10,200 exclusion for each. Phase two will include those more complex tax returns and married couples filing jointly who are eligible for the up to $20,400 exclusion. However, if they claimed dependents, tax credits or there is some other complicating factor for the IRS to recalculate the refund they could end up in phase two. If on their tax return they didn’t have any additional complexities such as claiming children or any refundable tax credits, they should receive their tax refund in the coming weeks. So those filed by single taxpayers qualifying for the $10,200 waiver will be in the first phase. The simplest returns would be processed first and then the more complicated returns. ![]() The IRS informed taxpayers who might be eligible for the unemployment tax exclusion that the agency would automatically recalculate tax returns that had already been filed prior to the new provision in two phases. The IRS is recalculating tax returns with the unemployment tax break in two phases IRS sends out 1 million more Economic Impact Payments. ![]()
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