topic 2020 Unemployment $10,200 federal tax exempt benefit in Deductions & credits

2020 Unemployment $10,200 federal tax exempt benefit

Judy F — Wed, 17 Mar 2021 19:18:56 GMT

I have collected $15,000 in unemployment in 2020. My income in less than $150,000 but since I am filing married jointly our joint income exceeds $150,000. Do I still qualify for the federal tax-free benefit?

Re: 2020 Unemployment $10,200 federal tax exempt benefit

xmasbaby0 — Wed, 17 Mar 2021 19:20:12 GMT

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859#U1393859

You are among millions who have now been affected by a mid-tax season change in the tax law. Patience will be necessary.

TurboTax will update the software for the unemployment but there is no timeline yet.

If you have not e-filed yet—-wait. And if you already e-filed and want to amend for this—WAIT.

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-get-the-new-unemployment-benefits-if-i-ve-already-filed-my-taxes/00/2081053

Please read this very recent news from the IRS:

https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021

Re: 2020 Unemployment $10,200 federal tax exempt benefit

AmeliesUncle — Wed, 17 Mar 2021 19:21:26 GMT

If you file Jointly, no.

If you file Separately, yes (well, probably).