If you received unemployment benefits this year, the American Rescue Plan President Biden signed last week could leave you more money in your pocket.
The plan exempts up to $10,200 of unemployment benefits from being taxed.
Oregon’s Department of Revenue recommends taxpayers who qualify wait for more information from the IRS before taking action.
“If you’ve already filed, our advice right now is to not amend,” said Greg Lankston, a partner with Capstone Certified Public Accountants. “Several congressmen are working to push through with the IRS to possibly make an adjustment on their end so taxpayers don’t have to amend their returns. It would just be an automated adjustment on their site.”
Any household earning less than $150,000 in adjusted gross income, who qualifies, might be eligible for a tax refund.