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Unemployment Tax Free Amendment. If you paid taxes on unemployment benefits you received in 2020, you could be owed an additional refund from the irs. Arp exempts the first $10,200 of unemployment compensation from federal adjusted gross income for tax year 2020 for those taxpayers who have a federal adjusted gross income of less than $150,000.
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The new stimulus bill allows people earning up to $150,000 to leave out the first $10,200. Any state return(s) you filed will not be adjusted and you should file the state tax amendment(s). Once the irs provides additional guidance, turbotax will be updated to reflect these new tax laws relating to unemployment.
This means they don't have to pay tax on some of it.
Unemployment benefits are generally taxed. This means they don't have to pay tax on some of it. If you already filed your federal and west virginia return and did not take the $10,200 deduction: Unemployment benefits are generally taxed.
