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    Unemployment Tax Break: Don't Amend Your 2020 Tax Return to Claim the New Exemption

    by Rocky Mengle Mar 15, 2021 3 minutes

    Americans who received unemployment benefits last year can claim a included in the $1.9 trillion American Rescue Plan Act recently signed by President Biden: Up to $10,200 of unemployment benefits received in 2020 is exempt from federal income tax for households with an adjusted gross income under $150,000. If you're married, you and your spouse can exclude up to $10,200 of unemployment compensation. Normally, Uncle Sam fully taxes unemployment compensation (just like wages), so this is a big break for many people who lost their job last year and

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