If you're married, the exclusion can apply to you and a separate exclusion can apply to your spouse. Unemployment compensation amounts over $10,200 are still taxable. This means up to $10,200 of unemployment compensation is not taxable on your 2020 tax return. If you're eligible, you should exclude up to $10,200 of your unemployment compensation from income on your 2020 Form 1040, 1040-SR, or 1040-NR. To determine if you're under the $150,000 threshold and qualify for the exclusion, subtract all of the unemployment compensation reported on Schedule 1, Line 7, from the amount of your AGI reported on Line 11 of Form 1040, 1040-SR, or 1040-NR. This threshold stays the same for all filing statuses, regardless of whether you're married and file a joint tax return (it doesn't double to $300,000). The modified AGI for purposes of qualifying for this exclusion is your adjusted gross income for 2020 minus the total unemployment compensation you received. You're eligible to exclude the unemployment compensation if it was received in 2020 and your modified adjusted gross income (AGI) is less than $150,000. Q1. Am I eligible to exclude my unemployment compensation? (added April 29, 2021)Ī1. It depends. These updated FAQs were released to the public in Fact Sheet 2022-39 PDF, December 2, 2022.
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