Full Circle: The HHO Blog

Your Taxes and the American Rescue Plan

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Tax day is approaching fast!

Here's a quick summary of how the American Rescue Plan impacts your taxes.

Here's what's new for 2021 taxes:

  • A third round of stimulus payments with issue

  • Expanded unemployment by $300 until Sept. 6, 2021

  • Expanded child tax credit

  • Some exclusion of student loan debt for 2021 through 2025

Here's what's new and retroactive for 2020 taxes:

  • There is relief if you receive unemployment income -- for your first $10,200 of unemployment income, that will be tax-free for 2020 if you earn up to $150,000. If you're married filing jointly, that goes up to $20,400.

  • If you filed before the American Rescue Plan was passed, the IRS says that if you were taxed on that $10,200 or $20,400 if you're married and filing jointly, there is nothing you need to do. The IRS will make those adjustments to your taxes.

  • A provision that is retroactive to 2020 taxes is that if you were responsible to pay an excess premium tax credit, the IRS is waiving that access.

Speak with an expert We advise you to consult a tax expert before filing your taxes this year by the extended deadline on May 17, 2021.

The American Rescue Plan Act of 2021 provides Health Insurance access for millions of people.

Get your maximum health insurance subsidy.

  • 90% of applicants are entitled to additional subsidies

  • Less than 5 minutes to see how much you will save a year.

  • Licensed agents standing by to assist by phone if you have any questions.

Call Now (877) THE HALO

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