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Get your taxes done using TurboTax
@ewilson4 wrote:
Is a dependent eligible for the unemployment exclusion or is it contingent on the parents' AGI?
Any taxpayer whose income is less than $150,000 is eligible for the first $10,200 of unemployment compensation to be excluded from income tax. There is no requirement that the taxpayer be "independent." This should have a major impact on children/dependents who are now being hit with the "Kiddie tax" on the unemployment. If you have not filed yet, I strongly suggest waiting until the forms are updated in Turbotax. You can sign up for email notifications here, https://ttlc.intuit.com/community/tax-topics/help/how-do-i-claim-the-new-unemployment-benefits-in-tu...
March 17, 2021
11:10 AM