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Everything You Need to Know About the New Unemployment Benefits and Tax Relief

https://turbotax.intuit.com The third stimulus relief package, known as the American Rescue Plan, expands federal unemployment benefits and provides tax free unemployment benefits. If you received or are currently receiving unemployment benefits, learn what this means for you, and make sure you get every dollar you deserve. TurboTax Live: https://intuit.me/3ccv905 TurboTax Home: https://turbotax.intuit.com TurboTax Support: https://ttlc.intuit.com/ TurboTax Blog: https://blog.turbotax.intuit.com TurboTax X:   / turbotax   TurboTax Facebook:   / turbotax   TurboTax Instagram:   / turbotax   TurboTax Pinterest:   / turbotax   TurboTax Tumblr:   / turbotax   ~~~ Video Transcript ~ Title: Everything You Need to Know About the New Unemployment Benefits and Tax Relief - Along with providing a new stimulus check, the American Rescue Plan also expands federal unemployment benefits and provides tax-free unemployment benefits. If you've received, or are currently receiving unemployment benefits, keep watching to better understand what this means for you and to make sure you get every dollar you deserve. The first thing to note is taxes will be waived on the first $10,200 federal unemployment income received in 2020. Keep in mind, this provision is retroactive to the 2020 tax year and only applies to 2020 unemployment benefits for households with incomes less than $150,000. If you're wondering how much unemployment income you received in 2020, you should have already received your form 1099-G, which will show the amount of unemployment income you received and any federal taxes you had taken out of your unemployment pay. If you haven't filed your 2020 tax return, Turbo Tax will guide you through how to claim these additional unemployment benefits. If you've already filed your 2020 taxes, you do not need to do anything to get these additional unemployment benefits. The IRS announced that they will automatically adjust your return and send any additional refund amounts directly to you. According to the IRS, they will send payments in two phases. Phase one: The IRS will adjust returns for taxpayers eligible for up to $10,200 exclusion. Payments for phase one are expected to start in May. Phase two: The IRS will adjust returns for married filing jointly tax payers who are eligible for up to $20,400 exclusion and those with more complex returns. No specific timing has been given for when phase two payments will begin. In addition to these tax-free benefits, unemployment payments will increase by $300 per week and will be extended through September 6, 2021 for eligible individuals. Freelancers and side giggers will also continue to be eligible for unemployment benefits with the extension of the Pandemic Unemployment Assistance. Looking for more information on unemployment income relief? Check out the Turbo Tax Unemployment Center for tax tips, advice, and up-to-date information related to COVID-19 to help you with your taxes and finances in this time of need. ~~~