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Latest COVID-19 Bill Waves Taxes on the first $20,800 of Unemployment benefits for married couples

On Saturday, March 6th, 2021, the Senate passed a version of the Covid bill that included a provision to waive taxes on the first $10,200 in unemployment insurance benefits for those who made less than $150,000 in adjusted gross income in 2020. It is best to wait to file your taxes if you received unemployment income so tax preparers, the IRS, and tax software companies have time to implement and give guidance on this new law. Some people may want to amend their tax returns due to this change.

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