UNEMPLOYMENT- If you had unemployment income in 2020, you will want to hold on filing your 2020 tax return until this latest stimulus bill is passed, becomes law, and IRS updates the 2020 tax forms. The Senate passed their version of stimulus last Saturday and it excludes $10.2K of unemployment income from being taxable to Federal for the 2020 tax year. This is not law yet, but may become law by end of this week once the House votes to approve and President signs the bill. No point in filing a personal 2020 return now with unemployment income to have to amend it in a couple weeks to back off up to $10.2K of unemployment.

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