A line of people wait to apply for a one-time $500 relief payment at the OnPoint Community Credit Union in West Salem on Thursday, August 20. At 4:45 p.m., with more than 175 people still in line, a credit union employee let those waiting know that OnPoint would be closing at 5:30 p.m. (Amanda Loman/Salem Reporter)
The record number of Oregonians who received unemployment benefits last year can breathe a little easier.
The most recent Covid stimulus package signed into law Thursday by President Joe Biden exempts up to $10,200 of unemployment benefits received during 2020 from taxes, according to a press release from the Oregon Department of Revenue.
The exemption is per individual and applies to households with less than $150,000 in adjusted gross income.
The change comes as Tax Day, April 15, approaches. The Oregon Department of Revenue said in a press release that affected taxpayers should wait for further information from the IRS and the department before taking action. The recommendation includes those who have yet to file as well as those who’ve already filed their 2020 federal and state taxes and may need to file an amended return.
The Department of Revenue says it will issue further guidance to the change in the law on its website.
The department advises taxpayers who received unemployment benefits last year but haven’t received a Form 1099-G to contact the Oregon Employment Department at 503-947-1320.