Does stimulus bill have income limits for unemployment tax credit?

[baroskis]

tax relief on 10,200$ of unemployment

[DMarkM1]

Yes, there appears to be an income limit on the tax break for unemployment benefits.  The latest version of the bill shows a tax break on the first $10,200 of employment for household incomes under $150,000.  

NOTE:  This is still only a "bill".  It has to go back to the House of Representatives and if no changes there, then to the President to sign into law.  

[Wally1600]

When will Turbo Tax be updated to handle the new 10,200 Unemployment Income credit to be entered on Line 8 Schedule 1. I am able to enter the -10200 amount however the description shows as Gambling Winnings. Can I override that to UCE as per IRS Instructions? This legislation has now been passed.

[JotikaT2]

It is still being determined at this point by the IRS.  Accordingly the newly passed legislation, the first $10,200 on unemployment earned in 2020 would be considered nontaxable if your household income is less than $150,000.

IRS Statement on American Rescue Plan

Once the IRS issues some guidance, TurboTax will be able to update their software accordingly.  

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