Unemployment Benefit Exclusion $ 10,200 under the new Bill

Technical topics regarding tax preparation.
#1
philly  
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1722
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New York
All of my clients in New York collected Unemployment benefits for 2020.
I just read that the New Covid Relief bill had a last minute provision that the first $10,200 of unemployment benefits will not be subject to tax up to $150,000 of income.

Also what are the states going to do ?
 

#2
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3694
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21-Apr-2014 11:24am
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North Carolina
Well, here in NC it would require an act of the NC General Assembly. We conform to the IRC as at May 1st 2020. Fortunately, unlike last year, we have a long session this year. So if the political will is there, NC can do something quickly.
 

#3
belle  
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354
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21-Apr-2014 2:47pm
Location:
California
We should start a chart for which states tax/don't tax unemployment.
CA = NO.
 

#4
CathysTaxes  
Moderator
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3557
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Suburb of Chicago
IL - yes
Cathy
CathysTaxes
 

#5
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287
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1-Jul-2014 9:25am
Location:
michigan
If the parents are over 150 of income I am assuming the unemployment will still be taxable to the child and the kiddie tax will still apply?
 

#6
sjrcpa  
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6477
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23-Apr-2014 5:27pm
Location:
Maryland
MD - no for 2020 subject to income limits
 


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