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