Did you receive unemployment benefits in 2020?  If so, the IRS expanded the unemployment tax exclusion. However, Georgia and other states are not excluding this income. Taxpayers qualify for the $10,200 exclusion if they earned less than $150,000 in 2020.

For more information, contact Todd Mershon, CPA at (770) 287-7800 or tmershon@rushtonandcompany.com. Stay tuned for more tax tips or follow them on our social media accounts every #TaxTipTuesday!

Read more here: https://www.irs.gov/forms-pubs/new-exclusion-of-up-to-10200-of-unemployment-compensation