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Publication 525 Cat Userid: CPM Schema: tipx Leadpct: 100% Pt. size: 8 Draft Ok to Print AH XSL/XML Fileid: … tions/P525/2020/A/XML/Cycle08/source (Init. & Date) _______ Page 1 of 42 13:42 - 6-Apr-2021 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. Publication 525 Cat. No. 15047D Contents Future Developments ............ 1 Department of the Taxable and What's New .................. 1 Treasury Internal Reminders ................... 2 Revenue Nontaxable Service Introduction .................. 2 Income Employee Compensation .......... 3 Special Rules for Certain Employees ............... 15 For use in preparing Business and Investment Income .... 17 2020 Returns Sickness and Injury Benefits ....... 18 Miscellaneous Income ........... 20 Repayments ................. 36 How To Get Tax Help ........... 37 Index ..................... 39 Future Developments For the latest information about developments related to Pub. 525, such as legislation enacted after it was published, go to IRS.gov/Pub525. What's New Exclusion from income tax on a portion of unemployment compensation for 2020. For individuals with adjusted gross income of less than $150,000, up to $10,200 of unemployment compensation is excluded from gross income. In the case of a joint return, up to $10,200 re- ceived by each spouse is excluded. (See P.L. 117-2 and section 85(c).) Paycheck Protection Program loan forgive- ness. Gross income doesn’t include any amount arising from the forgiveness of a Pay- check Protection Program (PPP) loan, effective for taxable years ending after 3/27/2020. (See P.L. 116–136.) Likewise, gross income does not include any amount arising from the forgive- ness of Second Draw PPP loans, effective 12/27/2020. (See P.L. 116–260.) Families First Coronavirus Response Act (FFCRA). The FFCRA, as amended by the COVID-related Tax Relief Act of 2020, provides tax credits for self-employed individuals carry- ing on any trade or business within the meaning of section 1402 of the Internal Revenue Code if the self-employed individual would be entitled to receive paid leave under the FFCRA if the in- dividual were an employee of an employer (other than him or herself). These credits are available for periods of leave taken between April 1, 2020, and March 31, 2021. The Get forms and other information faster and easier at: amounts of these are not included in the gross • IRS.gov (English) • IRS.gov/Korean (한국어) income of the eligible self-employed individual. • IRS.gov/Spanish (Español) • IRS.gov/Russian (Pусский) Emergency financial aid grants. Certain • IRS.gov/Chinese (中文) • IRS.gov/Vietnamese (Tiếng Việt) emergency financial aid grants under the CARES Act are excluded from the income of Apr 06, 2021 Page 2 of 42 Fileid: … tions/P525/2020/A/XML/Cycle08/source 13:42 - 6-Apr-2021 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. college and university students, effective for for up to 5 years for the qualified stocks re- from income death or disability benefits re- grants made after 3/26/2020. (See P.L. 116– ceived. See Qualified Equity Grants under Em- ceived from the federal Bureau of Justice Assis- 136 and P.L. 116–260.) ployee Compensation, later. tance or death benefits paid by a state program. See section 104(a)(6). Economic impact payments. Any economic Suspension of qualified bicycle commuting impact payments you received are not taxable reimbursement exclusion. For tax years be- Qualified Medicaid waiver payments. Cer- for federal income tax purposes, but they re- ginning after 2017, reimbursement you receive tain payments you receive for providing care to duce your recovery rebate credit. from your employer for the purchase, repair, or an eligible individual in your home under a Other loan forgiveness under the CARES storage of a bicycle you regularly use for travel state's Medicaid waiver program may be exclu- Act. Gross income does not include any between your residence and place of employ- ded from your income under Notice 2014-7. amount arising from the forgiveness of certain ment must be included in your gross income. See also Instructions for Schedule 1 (Form 1040), line 8. loans, emergency Economic Injury Disaster Unemployment compensation. If you re- Loan (EIDL) grants, and certain loan repayment ceived unemployment compensation but did Qualified settlement income. If you're a assistance, each as provided by the CARES not receive Form 1099-G, Certain Government qualified taxpayer, you can contribute all or part Act, effective for tax years ending after Payments, through the mail, you may need to of your qualified settlement income, up to 3/27/2020. (See P.L. 116–136 and P.L. 116– access your information through your state’s $100,000, to an eligible retirement plan, includ- 260.) website to get your electronic Form 1099-G. ing an IRA. Contributions to eligible retirement Deferred compensation contribution limit plans, other than a Roth IRA or a designated Access your online account. You must au- increased. If you participate in a 401(k), Roth contribution, reduce the qualified settle- thenticate your identity. To securely log in to 403(b), or the federal government's Thrift Sav- ment income that you must include in income. your federal tax account, go to IRS.gov/ ings Plan (TSP), the total annual amount you See Exxon Valdez settlement income under Account. You can view the amount you owe, re- can contribute is increased to $19,500 ($26,000 Other Income, later. Also, see Pub. 590-A for view 18 months of payment history, access on- if age 50 or older). This also applies to most 457 more information. line payment options, and create or modify an plans. online payment agreement. You can also ac- Taxpayer identification number (TIN). A TIN Exclusion of income for volunteer firefight- cess your tax records online. is your social security number (SSN), individual ers and emergency medical responders. If taxpayer identification number (ITIN), adoption you are a volunteer firefighter or emergency Achieving a Better Life Experience (ABLE) taxpayer identification number (ATIN), or em- medical responder, you may be able to exclude account. This is a type of savings account for ployer identification number (EIN). from gross income certain rebates or reductions individuals with disabilities and their families. Distributions are tax free if used to pay the ben- Terrorist attacks. You can exclude from in- of state or local property or income taxes and come certain disaster assistance, disability, and up to $50 per month provided by a state or local eficiary's qualified disability expenses. See Pub. 907 for more information. death payments received as a result of a terro- government. For more information, see Volun- rist or military action. For more information, see teer firefighters and emergency medical res- Certain amounts received by wrongfully in- Sickness and Injury Benefits, later; Pub. 3920, ponders.. carcerated individuals. Certain amounts you Tax Relief for Victims of Terrorist Attacks; and Health flexible spending arrangements receive due to a wrongful incarceration may be Pub. 907, Tax Highlights for Persons With Disa- (health FSAs) under cafeteria plans. For tax excluded from gross income. See IRS.gov/ bilities. years beginning in 2020, the dollar limitation un- Individuals/Wrongful-Incarceration-FAQs for more information. Photographs of missing children. The Inter- der section 125(i) on voluntary employee salary nal Revenue Service is a proud partner with the reductions for contributions to health FSAs is Foreign income. If you're a U.S. citizen or res- National Center for Missing & Exploited $2,750. ident alien, you must report income from sour- Children® (NCMEC). Photographs of missing ces outside the United States (foreign income) children selected by the Center may appear in on your tax return unless it’s exempt by U.S. this publication on pages that would otherwise law. This is true whether you reside inside or be blank. You can help bring these children Reminders outside the United States and whether or not home by looking at the photographs and calling Repeal of deduction for alimony payments you receive a Form W-2, Wage and Tax State- 1-800-THE-LOST (1-800-843-5678) if you rec- and corresponding inclusion in gross in- ment, or Form 1099 from the foreign payer. This ognize a child. come. Alimony received will no longer be in- applies to earned income (such as wages and cluded in your income if you entered into a di- tips) as well as unearned income (such as inter- Introduction vorce or separation agreement on or before est, dividends, capital gains, pensions, rents, December 31, 2018, and the agreement is and royalties). You can receive income in the form of money, changed after December 31, 2018, to expressly If you reside outside the United States, you property, or services. This publication dis- provide that alimony received isn't included in may be able to exclude part or all of your for- cusses many kinds of income and explains your income. Alimony received will also not be eign source earned income. For details, see whether they are taxable or nontaxable. It in- included in income if a divorce or separation Pub. 54, Tax Guide for U.S. Citizens and Resi- cludes discussions on employee wages and agreement is entered into after December 31, dent Aliens Abroad. fringe benefits, and income from bartering, part- 2018. For more information, see Pub. 504. Olympic and Paralympic medals and United nerships, S corporations, and royalties. It also Retroactive extension from 2018 through States Olympic Committee (USOC) prize includes information on disability pensions, life 2020 of exclusion of debt discharged from money. If you receive Olympic and Paralympic insurance proceeds, and welfare and other principal residence indebtedness.
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