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 firstname.lastname@example.org. Stay tuned for more tax tips or follow them on our social media accounts every #TaxTipTuesday!