2021-17: Hold off on claiming those UI benefit exclusions - Spidell

2021-17: Hold off on claiming those UI benefit exclusions

The IRS has announced that they will be providing guidance shortly regarding the retroactive exclusion of up to $10,200 of UI benefits on the 2020 return that was enacted by the American Rescue Plan Act.

For those taxpayers with UI benefits who haven’t filed yet, the IRS is working with the software industry to update current tax software (and will be providing a worksheet for those who file paper returns).

For those taxpayers who received UI benefits last year and have already filed their 2020 tax return, the IRS has stated that amended returns should not be filed until they issue additional guidance.

The IRS’s statement is available at:


Attend Spidell’s American Rescue Plan: Tax Implications webinar and learn more about the UI benefit exclusion and other bill provisions. Click here and register today.

Sign up for Spidell’s Flash E-mail — Get breaking news delivered to your inbox, plus other free analysis and information for tax professionals. Join our community and stay at the top of your game. Click here to sign up.