![]() ![]() See the updated instructions and the Unemployment Compensation Exclusion Worksheet in the Instructions for Schedule 1 in the 2020 Form 10-SR instructions to figure your exclusion and the amount to enter on Schedule 1, Line 8.Īlternatively, filing electronically is the easiest way to figure the correct amount as tax return preparation software and tax professionals will ask you to provide the needed information. ![]() If you are married filing jointly, each spouse must figure his or her taxable amount separately. Except as explained below, this is your taxable amount. By allowing this exclusion from the federal adjusted gross income, both the federal government and the state of Missouri are ensuring this. Combine the box 1 amounts from all Forms 1099-G and report the total as income on the unemployment compensation line of your tax return. The American Rescue Plan Act of 2021 excluded up to 10,200 in unemployment compensation per taxpayer from taxable income paid in 2020. Your unemployment compensation exclusion amount should not be excluded from your AGI when doing many of those calculations. Yes, Missouri will follow the American Rescue Plan Act of 2021 for the exclusion of a maximum of 10,200 (20,400 for married couples) of unemployment compensation from their federal adjusted gross income. Some taxpayers will receive refunds, which will be issued periodically, and some will have the overpayment applied to taxes due or other debts. ![]() Use caution when calculating certain credits and deductions that use your AGI in the calculation. Repayments on overpayments are not reflected in your 1099-G. The form shows the UI benefits you received, and any taxes withheld. State unemployment divisions issue an IRS Form 1099-G to each individual who receives unemployment benefits during the year. If you received unemployment insurance (UI) benefits last year, a 1099-G tax form is required to complete your state and federal tax returns. OVERVIEW The IRS considers unemployment compensation to be taxable income that you'll need to report on your federal tax return.
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