The U.S. IRS has announced the updates of the FAQs for the 2020 unemployment compensation exclusion. The exclusion relief was provided as part of the American Rescue Plan Act of 2021 for individuals who received unemployment compensation in 2020. It excludes up to USD 10,200 of their unemployment compensation from their gross income if their modified adjusted gross income (AGI) is less than USD 150,000.
---
IRS updates FAQs for 2020 Unemployment Compensation Exclusion
IR-2021-221, Novemb…