KANSAS CITY, Mo., March 22, 2021 (GLOBE NEWSWIRE) -- H&R Block’s (NYSE: HRB) DIY products and offices are ready to help clients with unemployment income in 2020 claim the new tax break in the American Rescue Plan Act. For clients with 2020 unemployment income who already filed their taxes through H&R Block, there is no action to take now, as the IRS has advised people not to amend their return at this time.
“Because of the pandemic, unemployment is new to millions of Americans filing taxes this year. We know these individuals have been through a lot this past year and we’re ready to help whether that’s filing a return or keeping those who already filed informed about how they will receive this benefit,” said Jeff Jones, H&R Block president and CEO.
On March 11, the American Rescue Plan was signed into law and included a provision that the first $10,200 of unemployment income in 2020 will not be taxed as income for eligible taxpayers leading to uncertainty for those who have already filed this tax season. To date, the IRS has asked those with unemployment income who already filed their 2020 taxes to not amend their returns for now.
To reduce the uncertainty for taxpayers with unemployment income, H&R Block will be providing information to clients with unemployment income who already filed, and will update its Unemployment Resource Hub, which includes details about:
- The tax impacts of unemployment, including this 2020 unemployment income tax break,
- The financial impacts of unemployment, such as borrowing against your 401(k), and
- Getting back to work, with information on job search-related tax credits and deductions.
Many states continue to finalize if and how they will align with the federal unemployment tax break included in the American Rescue Plan. H&R Block will update its products and share this information as it becomes available.
About H&R Block
H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation, financial products, and small business solutions. The company blends digital innovation with the human expertise and care of its associates and franchisees as it helps people get the best outcome at tax time, and better manage and access their money year-round. Through Block Advisors and Wave, the company helps small business owners thrive with innovative products like Wave Money, a small business banking and bookkeeping solution, and the only business bank account to manage bookkeeping automatically. For more information, visit H&R Block News or follow @HRBlockNews on Twitter.