• Thomas Schorn

Changes for Unemployment and Premium Tax Credit in Your 2020 Return

The American Rescue Plan Act of 2021 makes a portion of unemployment compensation non-taxable for certain filers (less than $150,000 AGI). It also eliminates repayment of excess funds received through the Advance Premium Tax Credit.

We know many of you on your 2020 returns with unemployment benefits or the Advance Premium Tax Credit. We expect the IRS to issue official guidance on these items shortly.

For returns that have been filed with these items, we will be filing amended returns when the IRS provides official guidance.

Be patient as we need to wait until the IRS has their technology modified for this change.

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