Keyword Analysis & Research: mass taxability of unemployment compensation

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Frequently Asked Questions

Is unemployment compensation taxable in Massachusetts?

Except as described in Part II above, unemployment compensation is generally taxable under G.L. c. 62. However, Section 8 of the Act provides for relief from certain penalties with respect to unemployment compensation included in Massachusetts gross income.

How much of my unemployment benefits are taxable in New Mexico?

As a result, any unemployment compensation received in 2020 (up to $10,200) exempt from federal income tax is also exempt from New Mexico income tax.

How is unemployment compensated from unemployment calculated for taxes?

The calculation of household income follows Section 36B (d) of the Internal Revenue Code and includes all of a taxpayer’s income, including unemployment compensation. A deduction of up to $10,200 may be claimed by each eligible individual for unemployment compensation received by that individual; the deduction is not limited to $10,200 per return.

What is the maximum amount of unemployment you can claim?

New Exclusion of up to $10,200 of Unemployment Compensation If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don't have to pay tax on unemployment compensation of up to $10,200.

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