Question

Where is the unemployment $10,200 tax break

Forum|Forum|5 years ago
April 6, 2021
2 replies
0 views

How can you tell if Turbo Tax is including the $10,200 unemployment tax break?

TurboTax Self Employed Online

Employee

The software program is up to date and will calculate your unemployment correctly. Just enter your 1099G and the program will calculate how much--if any--of your unemployment is taxable on your federal return.

Enter your 1099G in Federal>Wages & Income>Unemployment

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

DoninGA

Employee

@briankeithbel wrote:
How can you tell if Turbo Tax is including the $10,200 unemployment tax break?

The unemployment compensation exclusion was updated across all TurboTax platforms, online and desktop, on 03/26/2021.

The exclusion is reported on Schedule 1 Line 8 as a negative number. The unemployment compensation received is on Line 7 of Schedule 1. The result flows to Form 1040 Line 8.

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

N

nokaoi77

What if my TurboTax 1040 (filed March 9, 2021), did not and currently as of (April 25, 2021 - in which I also still have NOT received my Refund, approaching week 11 of waiting), neither of these in TurboTax show/reflect this "UCE/Unemployment Compensation Exclusion", so what do I have to do in order to obtain it and thus, hopefully additional Refund $$$? I've never had to create/file and "Amendment" before. Thank you in advance, for any additional guidance/direction/help.

X

xmasbaby0

Employee

Here is why you do NOT amend your return for unemployment:

Please read this very recent news from the IRS:

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may

And...if you are still waiting for your refund and you had unemployment on your tax return, the IRS might just recalculate your refund before they issue it.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**