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Unemployment benefits are non-taxable up to $10,200.

  • American Rescue Plan excluded up to $10,200 unemployment income, $20,400 if filing jointly and both had at least that much in unemployment income. IRS will send a refund if you have already filed and included that in your taxable income. 
  • Only available if your modified adjusted gross income is less than $150,000.
  • IRS will adjust returns and issue refunds if you have already filed.
  • Colorado does not allow this income exclusion!
    • The excluded amount must be added back to your CO taxable income if you deducted it for federal taxable income.

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