![]() ![]() Senators Bernie Sanders (I-VT), Ron Wyden (D-OR), Elizabeth Warren (D-MA), Jack Reed (D-RI), Catherine Cortez Masto (D-NV), Bob Menendez (D-NJ), and Tammy Baldwin (D-WI). In the Senate, the letter was cosigned by U.S. Department of Labor estimates that more than 20 million Americans are still receiving some form of unemployment benefits. The American Rescue Plan Act of 2021 provides a federal income tax exclusion on the first $10,200 of unemployment benefits received in 2020 for households earning less than $150,000. This may be especially important for those who could be eligible for a larger Earned Income Tax Credit or Child Tax Credit with this exclusion, or are newly eligible for these credits.” “Treasury and the IRS should conduct a robust public awareness campaign to ensure that individuals who received unemployment benefits in 2020 are aware of this tax exclusion and understand the actions that need to be taken to receive it. If this is not possible, we urge you to provide clear, accessible information to ensure eligible taxpayers who have already filed for 2020 can file an amended return as quickly and easily as possible,” the members wrote. ![]() “We encourage you to determine whether it would be feasible for the IRS to automatically adjust taxable income and deliver refunds without requiring an amended tax return from eligible taxpayers who have already filed. In a letter to Secretary Yellen and Commissioner Rettig, the members highlight that the exclusion could reduce the tax bills for unemployed workers by more than $1,000, ensuring that these Americans can focus their unemployment benefits on caring for themselves and their families. Representative Cindy Axne (D-IA-03) led a group of bicameral colleagues in urging Department of Treasury Secretary Janet Yellen and Internal Revenue Service Commissioner Charles Rettig to take every effort to ensure that individuals who received unemployment compensation in 2020 are able to utilize the tax exclusion that was included in the American Rescue Plan Act of 2021. Durbin and Axne’s legislation to provide tax relief for Americans who lost their jobs and utilized unemployment benefits last year was included in the American Rescue Plan Act of 2021. Senate Majority Whip Dick Durbin (D-IL) and U.S. 03.12.21 Durbin, Axne Lead Colleagues in Urging Treasury & IRS to Help Americans Take Advantage of Tax Exclusion for Unemployment Benefits ![]()
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