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Get your taxes done using TurboTax
The IRS posted further guidance on March 24th about the treatment of UI income. The important question was whether or not $150,000 income cutoff for excluding up to $10,200 of unemployment compensation should or should not include the UI received. Their answer early in the process was that UI compensation would be included. Yesterday, they announced that it wouldn't.
https://www.irs.gov/forms-pubs/new-exclusion-of-up-to-10200-of-unemployment-compensation
Definitely an additional software change for all tax software developers. We'll just have to be patient.
March 25, 2021
1:53 PM