Instructions on Reporting Unemployment Exclusion on 2020 tax returns
IRS released Instructions on Reporting Unemployment Exclusion on 2020 tax returns. The first $10,200 ($20,400 if MFJ) of unemployment benefits for 2020 will be nontaxable for taxpayers with an adjusted gross income of less than $150,000. We need to follow their specific instructions and Exclusion Worksheet to report on Schedule 1, Line 7, and 8. […]