Hold off on claiming those UI benefit exclusions - Spidell

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:

www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021

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.