CNBC: Receiving unemployment payments? Why tax season might cost you next year

Unemployment benefits aren’t considered earned income.

“When you calculate your 2020 earned income tax credit, if your 2019 earned income tax credit would’ve been larger, you’d have the option to take that credit,” said Meg Wiehe, deputy executive director of the Institute on Taxation and Economic Policy.

“This is a situation where it’s less about what the individual can do or what the family decides to do,” said Wiehe. “It requires a policy solution.” Read more

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