Question

When will people who were unemployed in 2020 be able to claim the $10,200 tax exclusion that was recently passed? How will that work?

Forum|Forum|5 years ago
March 16, 2021
1 reply
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Specifically, how can we claim this exclusion in TurboTax online so we can process our return and get it back soon?

TurboTax Self Employed Online

Once the IRS provides additional guidance, TurboTax will be updated to reflect these new tax laws relating to unemployment.

As part of the recently passed American Rescue Plan, the first $10,200 worth of unemployment payments are now tax-free for households with annual incomes less than $150,000. This expanded tax relief begins this year, starting for taxpayers filing returns after January 1, 2020.

If you haven’t filed your 2020 taxes yet and would like to receive progress status updates, please sign up here.

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