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The federal American Rescue Plan Act excludes unemployment benefits up to $10,200 from income for tax year 2020 for those within certain income brackets, providing tax relief on both federal and state income taxes. Taxpayers who may have anticipated owing taxes may now be entitled to a refund.
LANSING, Mich. - Taxpayers who filed their state individual income tax returns and collected unemployment benefits in 2020 should consider filing an amended return if they haven't yet received their entitled tax relief, according to the Michigan Department of Treasury.
5 kwi 2021 · The federal American Rescue Plan Act excludes unemployment benefits up to $10,200 from income for tax year 2020 for those within certain income brackets, providing tax relief on both federal and state income taxes. Taxpayers who may have anticipated owing taxes may now be entitled to a refund.
1 kwi 2021 · Taxpayers eligible to receive a refund due to reporting the unemployment exclusion include taxpayers who claimed a refund on the original Michigan return and taxpayers who paid any tax due with the filing of that original return.
To get unemployment benefits, you must first apply for them from the Michigan Unemployment Insurance Agency (UIA). Read Applying for Unemployment to learn more about applying. You must continue to qualify for unemployment benefits to keep getting them.
10 gru 2021 · The treasury encourages taxpayers, who are eligible for the unemployment tax treatment but didn’t yet adjust their 2020 state individual income tax return, to file their amended returns as soon as possible. An amended state tax return could reduce the amount of tax owed or provide a tax refund for 2020 state individual income taxes. [Mich.
14 gru 2023 · “This expansion will deliver an average combined tax refund of $3,150 to 700,000 families, directly impacting nearly one million kids — almost half the kids in Michigan,” stated a release. According to the IRS, in order to qualify for the EITC, a person must have “worked and earned income under $63,398,” and have investment income ...
