From FoxBusiness.com….
Millions of Americans who collected unemployment aid last year got a welcome tax break in President Biden’s $1.9 trillion coronavirus relief plan.
The American Rescue Plan, signed into law one week ago, waives federal income taxes on up to $10,200 in 2020 unemployment insurance benefits for individuals who earn less than $150,000 a year, potentially saving out-of-work Americans thousands of dollars from a surprise tax hit.
The break applies to this tax-filing season, which began Feb. 12 and ends May 17, the Internal Revenue Service said Wednesday.
