UNEMPLOYMENT 2020 deducting $10,200
I listen to you on WGN at work. I just went over with my husband like 154,000.00 for 2020.
I thought I heard you say that the monies I got from unemployment won’t count toward
total gross income so I would then qualify for not paying taxes on the 1st 10200. I made
about 14,000 on unemployment. Did I hear wrong? If it doesn’t count then we would be under 150,000. Help. Thank you, Kimberly
Terry Says
Yes,that is a new interpretation of the law by the IRS — When figuring whether you can deduct the $10,200 (which can be done if your income is under $150,000) you don’t have to include unemployment benefits in AGI