Combined Sources
(undated) — Federal tax refunds will likely be on the way this spring and summer for people who reported unemployment compensation before passage of tax law changes in the American Rescue Plan. The State House News Service reports that the new law signed in mid-March allows taxpayers who earned less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers. The legislation only impacts 2020 returns. A similar bill is also pending in the Massachusetts Legislature.