Will Unemployment Be Taxed in 2022
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Unemployment was down significantly last year. Still, 25 million Americans filed for unemployment benefits in 2022
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The American Rescue Plan Act passed in March waived federal tax on up to $10,200 of unemployment benefits, per person, collected in 2020; however, Congress hasn’t passed a law offering a similar tax break on 2021 benefits.
This means if you collected unemployment benefits in 2021 and didn’t withhold federal tax from benefit payments — or withheld too little — you may owe money this tax season.
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Will Unemployment Be Taxed in 2022
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President Joe Biden signed into law Aug. 16 a sweeping tax reconciliation bill with more than $450 billion in tax increases and $260 billion in energy tax incentives.
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