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melodybennett
New Member

The new stimulus bill says that the first 10,500 of unemployment benefits are not taxable. But, when I entered mine, my refund went down. What happened?

 
2 Replies
SweetieJean
Level 15

The new stimulus bill says that the first 10,500 of unemployment benefits are not taxable. But, when I entered mine, my refund went down. What happened?

It's $10,200, but TT has not yet finished programming and testing this. The IRS then approve it, so stay tuned.

JoannaB2
Expert Alumni

The new stimulus bill says that the first 10,500 of unemployment benefits are not taxable. But, when I entered mine, my refund went down. What happened?

The American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020 if your modified AGI is $150,000 or less for married filing joint.  

 

The IRS will issue guidelines regarding the exclusion of unemployment soon. Click here for latest information.

 

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