$10,200 Unemployment Income Exclusion

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  • #16277
    JustWondering
    Participant

    I have a 19 year old child in college who received unemployment compensation last summer after being furloughed in 2020. She is claimed as a dependent on my tax return and is subject to the kiddie tax. My AGI is well over the $150k threshold for the $10,200 exemption (I was not unemployed). If she files her 2020 tax return separately, will she be exempt from taxation on her unemployment (it was under $10,200)? Will she be eligible for her own stimulus payment?
    Thanks for any advice!

    #16581
    jimfrombx
    Participant

    As I have read if an individual CAN be claimed as a dependent they are NOT eligible for own stimulus payment.

    #16590
    JustWondering
    Participant

    I understand that they aren’t eligible for a stimulus payment. My question is whether or not their unemployment compensation is reduced by $10,200 if they are a dependent of someone making over $150,000.

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