The IRS states they are treating the first $10,200 of unemployment as excluded income. Does the $10,200 still count towards your AGI?
Example: The income on a 2020 return was $50,000 married filing jointly. Both parties had unemployment and now $20,400 of that is excluded. Does this drop the new AGI down to $29,600 and therefore are now potentially eligible for something like the EITC?
