How Exactly Do I Exclude $10,200 of Unemployment Compensation from my Taxable Income in 2020?

UPDATE on the very day this was published! The example in this video where the taxpayer must include their Unemployment Income in their Modified Adjusted Gross Income BEFORE determining whether they have hit the $150,000 limit is now WRONG. The IRS announced on March 24, 2021, that Unemployment Income does NOT need to be included in MAGI when calculating the $150,000 limit. Watch for a FOURTH video on this topic. Be sure to watch all of the videos on this topic for full information.

You are allowed to exclude up to $10,200 from your unemployment compensation (and up to $10,200 from your spouse's unemployment income, if filing jointly) on your 2020 tax return. But the process for claiming the exclusion is unusual, though not very hard. I explain the entire process in this video.

Is my Unemployment Compensation Taxable?
https://youtu.be/GkNq-xAxwtw

Update: Is Unemployment Income Taxable in 2020?
https://youtu.be/GkNq-xAxwtw

Видео How Exactly Do I Exclude $10,200 of Unemployment Compensation from my Taxable Income in 2020? канала College Tax Refunds