Unemployment Benefits in 2020 and Your Taxes - YouTube video text script

Here's a reminder for people who received unemployment compensation in 2020.

If you made less than $150,000, you don't have to pay tax on to the first $10,200 of your unemployment benefits.

If you're married, each spouse receiving unemployment compensation doesn't have to pay tax on those benefits – also up to $10,200 each.

Regardless of your filing status, amounts over the $10,200 limit are still taxable for each person on your tax return.

This also applies to people with a valid Individual Taxpayer Identification Number, also known as an ITIN. The income and unemployment limits are the same regardless of their filing status.

If you already filed your 2020 tax return – your Form 1040 or 1040-SR – you should not file an amended return. The IRS will automatically refund money to people who already filed their tax return reporting unemployment compensation.

For more information – visit irs.gov/covid