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The Form 1040 and Schedule 1 should have the changes when you use Print Center for the forms.
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.
To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/
When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state.
This will take you back to the 2020 online tax return.
Click on Tax Tools on the left side of the online program screen. Then click on Print Center. Then click on Print, save or preview this year's return. Choose the option Include government and TurboTax worksheets
Thank you. So the IRS made the changes to the actual 1040 filing. I was wondering how that would go since I did not prepare or sign a new 1040 document.
If I do not see those changes on Schedule 1 does that mean that the IRS has not adjusted it yet and I just need to wait longer?
@mamawillett wrote:
If I do not see those changes on Schedule 1 does that mean that the IRS has not adjusted it yet and I just need to wait longer?
The IRS does not change your tax return in the TurboTax program. Any change based on the exclusion would be done by the TurboTax software.
Did you download the federal tax return from Print Center and you are not seeing the changes?
Does the Form 1040 Line 8 still show the amount of your unemployment compensation? If so, was your 2020 AGI $150,000 or more? Form 1040 Line 11
Correct, I downloaded my 1040 from the print center and do not see the changes on Schedule 1. All the unemployment is how I originally entered it on line 8 based on my 1099. There has been no adjustment, nothing entered on line 7.
We did not have an AGI over $150,000
@mamawillett wrote:
Correct, I downloaded my 1040 from the print center and do not see the changes on Schedule 1. All the unemployment is how I originally entered it on line 8 based on my 1099. There has been no adjustment, nothing entered on line 7.
We did not have an AGI over $150,000
Then it would appear that TurboTax has not updated the federal tax return for the exclusion on your tax return.
The IRS will be sending tax refunds for the exclusion starting in May and then throughout the summer for all the millions of taxpayers who are eligible.
Go to this IRS website for information - https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...
And this IRS website for exclusion FAQ's - https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs
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