Letter from the IRS

[LyndaMann]

I filed my taxes quite a while ago any I just received a letter from the IRS saying that I miscalculated and that I owe $1386.00.  I have gone back through my forms and the only thing I can see that may have created this error is, when I look at the Total income, it shows the 2 W2s, a little interest, $5068 in unemployment.  Then the next line shows a -$5068.  Why would that income have been reversed.  Or perhaps this is not the problem.  I have been using Turbo Tax for years and have never had any issue of any kind before.

Thank you for any help you may be able to provide.

Lynda

[DanaB27]

If your modified adjusted gross income (MAGI) is less than $150,000, then you can exclude up to $10,200 of unemployment compensation paid in 2020 from your taxable income. Amounts over $10,200 for each individual are still taxable. Therefore, the -$5,068 on line 8 should be correct.

The notice should give you more details where the miscalculation was. Please see Understanding your CP11 Notice for additional information.

[LyndaMann]

Ok.... perhaps this is the issue... when I look at my Schedule 1, Line 8 is -5068 but, Line 9 (combined lines 1-8) is 0 rather than -5068!

I really appreciate the help here!  Thank you

[LyndaMann]

Ok.... perhaps this is the issue... when I look at my Schedule 1, Line 8 is -5068 but, Line 9 (combined lines 1-8) is 0 rather than -5068!

I really appreciate the help here!  Thank you