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SOM Treasury: Taxpayers Should Consider Filing an Amended Return for Unemployment Benefit Tax Relief April 27, 2021 LANSING, Mich. - Taxpayers who filed their 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. 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. Tax...

Are you ready for the latest good news and bad news regarding your federal income taxes? Today, we have a little bit of both. But it depends on your level of income, whether or not you received unemployment benefits last year and whether or not you’ve already filed your federal income tax return for 2020. To put it in a nutshell: The $1.9 trillion stimulus bill President Joe Biden signed into law Thursday retroactively changed the rules regarding taxation of unemployment benefits. And that could mean you’ll be getting a larger tax refund (or a lower tax bill), potentially to the tun...