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The federal agency says it “will not challenge the treatment of these payments as excludable for federal income tax purposes in 2022.” Pamela Au / Shutterstock.com
Millions of taxpayers can breathe a sigh of relief after a last-minute panic over whether Uncle Sam would tax the state relief payments they received last year. The IRS has decided that, long story short, it “will not challenge the treatment of these payments as excludable for federal income tax purposes in 2022.” The Feb. 10 announcement comes a week after the IRS told taxpayers who received…
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