Take a look at the Working Draft TIR to learn about the implications of some of the provisions of the CARES Act. For example, there is no income tax due on the stimulus payments of up to $1,200 for individual taxpayers and $500 for a qualifying child. Unemployment compensation, on the other hand, is subject to both federal and Massachusetts income tax. You’ll find information on the treatment of retirement plan withdrawals, loans from Qualified Employer Retirement Plans, student loans and more.