Is unemployment compensation taxable?

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Is unemployment compensation taxable?

Yes, unemployment compensation is taxable on a federal tax return and in several states.

For tax year 2020 only the tax code was changed to allow up to $10,200 of unemployment compensation to be excluded from income. Eligibility was based on the amount of the 2020 AGI you reported on your 2020 tax return and your filing status.

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Is unemployment compensation taxable?

The amount after the $10,200 deduction is taxable. States have different rules.

Is unemployment compensation taxable?

Yes, unemployment compensation is taxable on a federal tax return and in several states.

For tax year 2020 only the tax code was changed to allow up to $10,200 of unemployment compensation to be excluded from income. Eligibility was based on the amount of the 2020 AGI you reported on your 2020 tax return and your filing status.

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