IRS Updates FAQs on Unemployment Compensation Exclusion

The Internal Revenue Service has revised its frequently asked questions (FAQs) on 2020 unemployment compensation exclusion.

This Fact Sheet (FS-2022-21 PDF) updates the 2020 unemployment compensation exclusion frequently-asked-questions (FAQs). These updates are:

• Question 6, Topic A: Eligibility (NEW)
• Questions 1, 2, 4, Topic D: Amended Return (Form 1040-X)
• Question 2, Topic E: Impact to Income, Credits, and Deductions
• Question 1, 8, 9, Topic G: Receiving a Refund, Letter, or Notice
• Question 1, Topic I: Post Unemployment Compensation Exclusion Adjustment
• Question 1, Topic J: Economic Impact Payment