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Did you receive unemployment benefits? As of April 2020, over 23 million Americans filed for unemployment, and one out of four Americans received unemployment this year. Unemployment benefits are taxable and must be reported on your federal tax return. If you received unemployment benefits, as well as the additional $600 per week in coronavirus relief at any time during the year, your tax return may be affected.
Important reminder to report changes to the Marketplace as they happen. Reporting life changes as they happen allows the Marketplace to adjust your advance credit payments. This will help avoid a smaller refund or unexpectedly owing taxes when you file your return.