![]() ![]() Taxpayers who filed electronically on or after March 15 but did not include the unemployment exclusion when calculating their AGI were required to file an amended return to adjust their AGI, according to the state of Illinois. The legislation allows taxpayers who earned less than 150,000 in adjusted gross income to exclude unemployment compensation up to 20,400 if married filing jointly or 10,200 for all other eligible taxpayers. President Joe Biden signed a 1. ![]() For taxpayers who filed electronically on or after March 15 and included the unemployment exclusion on their federal and state individual income tax returns, no additional filing changes were required. IRS tax deadline: Retirement and health contributions extended to May 17, but estimated payments still due April 15. The IRS has continued to clarify how the unemployment benefits exclusion from income for 2020 under the American Rescue Plan Act works in community property states, now explaining the impact when the spouses file a joint return, as well as the impact of returns when filing married filing separate. 12, according to the state of Illinois.īy the end of July, IDOR plans to notify an estimated 3,300 taxpayers who filed paper tax returns prior to the implementation of the federal unemployment exclusion of the need to file amended returns to qualify for any possible refunds. If you and your spouse file a joint return and your joint modified AGI is less than 150,000, you should exclude up to 10,200 of your unemployment compensation and up to 10,200 of your spouse's unemployment compensation. The provision was enacted after tax filing season opened on Feb. The American Rescue Plan Act of 2021 included a retroactive provision making the first $10,200 per taxpayer - up to $20,400 married, filing jointly - of unemployment benefits nontaxable for returns with a modified Adjusted Gross Income of less than $150,000. Only up to the first 10,200 of unemployment compensation is. The exclusion applied to individuals and married couples whose modified adjusted gross income was less than 150,000. The next phase will include more complex tax returns involving married couples filing jointly. Pritzker announced Thursday the Illinois Department of Revenue issued automatic refunds to close to 350,000 eligible taxpayers who electronically filed their 2020 Illinois Individual Income Tax Returns prior to a newly enacted federal unemployment tax exemption. The American Rescue Plan Act of 2021, which became law in March, excluded up to 10,200 in 2020 unemployment compensation from taxable income calculations. ![]()
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