The Internal Revenue Service (IRS) headquarters in Washington, D.C.
Samuel Corum/Bloomberg via Getty Images
Jobless Americans should wait to file an amended tax return to get a new tax break on unemployment benefits received last year, the IRS said Friday.
The American Rescue Plan Act of 2021, which President Joe Biden signed Thursday, waives federal tax on up to $10,200 of unemployment benefits for single adults who earned less than $150,000 a year in 2020. (The ceiling is $20,400 for two workers in a married couple.)
Amounts over $10,200 are still taxable. States may also decide not offer the tax break.
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