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Millions of Americans who were unemployed last year face another shock: A 2020 tax bill they can’t afford

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As Americans prepare to file their 2020 income taxes, a new Democrat-backed bill wants to block federal income taxes on the first $10,200 a person received in unemployment benefits last year.

As Capitol Hill negotiations swirl over President Joe Biden’s proposed $1.9-trillion dollar rescue package, one observer said there’s a real chance this proposal gets traction.

Unemployment insurance counts as taxable income and recipients need to withhold for income taxes in their application paperwork. Alternatively, they can either pay quarterly estimated taxes, or pay the amount owed when they file their income taxes.  

But many people aren’t aware the money…



Source marketwatch.com

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