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IRS Updates FAQs on Tax Exclusion for 2020 Unemployment Benefits

Dec. 2, 2022, 8:47 PM

The IRS on Friday updated its frequently asked questions about the tax exclusion for unemployment compensation received in 2020, saying taxpayers may need to file amended returns to obtain the exclusion if they haven’t already received it automatically.

  • Under coronavirus relief legislation enacted in March 2021, the first $10,200 per person in unemployment compensation received in 2020 is excluded from income. Households with income under $150,000 are eligible.
  • The IRS announced shortly after the law’s enactment that it would automatically send refunds to taxpayers who filed their 2020 tax returns before the measure was signed. The updated version of ...