{"id":4852,"date":"2021-04-07T00:00:00","date_gmt":"2021-04-07T04:00:00","guid":{"rendered":"https:\/\/www.whitcomb.com\/alert-late-tax-legislation-creating-havoc\/"},"modified":"2022-02-04T17:31:26","modified_gmt":"2022-02-04T21:31:26","slug":"alert-late-tax-legislation-creating-havoc","status":"publish","type":"post","link":"https:\/\/www.whitcomb.com\/blog\/2021\/04\/07\/alert-late-tax-legislation-creating-havoc\/","title":{"rendered":"ALERT! Late Tax Legislation Creating Havoc"},"content":{"rendered":"\n
Individual tax return deadline moved to May 17<\/strong><\/p>\n\n\n\n Congress’ recent move to retroactively make a portion of 2020 unemployment income tax-free is creating havoc during this year’s tax filing season. Here is what you need to know.<\/p>\n\n\n\n Background<\/strong><\/p>\n\n\n\n Unemployment compensation was received by millions of Americans during 2020 because of the pandemic. While unemployment income was necessary for many who lost a job, it\u2019s also normally classified as taxable income to be reported on your tax return. Recently-passed legislation now makes the first $10,200 ($20,400 for married filing joint tax returns) of 2020 unemployment compensation tax-free. This tax-free unemployment income is available for those with adjusted gross income under $150,000.<\/p>\n\n\n\n The problem<\/strong><\/p>\n\n\n\n The new legislation which contains this tax break didn\u2019t become law until March of 2021, a full three months after the end of the tax year and after millions of Americans had already filed their 2020 tax return!<\/p>\n\n\n\n Understanding your situation<\/strong><\/p>\n\n\n\n Be assured you will be informed once the IRS issues further instruction on how to claim your tax break. In the meantime, enjoy the extra tax savings you\u2019ll get sometime in the near future!<\/p>\n","protected":false},"excerpt":{"rendered":" Congress’ recent move to retroactively make a portion of 2020 unemployment income tax-free is creating havoc during this year’s tax filing season. Here is what you need to know.<\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"post_statement":"","post_description":"","post_cta":"","post_button":"Read More","post_button_url":"","compliance_id":"","post_disclaimer":"","footnotes":""},"categories":[46],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4852"}],"collection":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/comments?post=4852"}],"version-history":[{"count":2,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4852\/revisions"}],"predecessor-version":[{"id":4984,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4852\/revisions\/4984"}],"wp:attachment":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/media?parent=4852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/categories?post=4852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/tags?post=4852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}