Yes, if your modified adjusted gross income (AGI) is less than $150,000, then you can exclude up to $10,200 of unemployment compensation paid in 2020 from your taxable income.
For now, please do not amend your 2020 tax return, the IRS will soon provide taxpayers with additional guidance what to do.
"For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance." Please see IRS statement American Rescue Plan Act of 2021 for details.
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I haven't file yet but TurboTax is going to modify my desk top turbo tax software? when????
The update for the software was released today.
If you have a Windows computer start the TurboTax program. Click on Online and click on Check for Updates
Verify your version. Click on Help>About TurboTax>Version. The current version is 020.000.1688