Get your taxes done using TurboTax
@aalaniz TurboTax Online has been updated for the exemption of the first $10,200 of income from unemployment. We are still waiting for TurboTax CD\Desktop updates.
If your daughter is using TurboTax Online, preview the 1040 before filing to make sure the subtraction is there. If it's not, delete the unemployment and re-enter the information.
- Click Tax Tools in the left column.
- Click Tools.
- Select View Tax Summary in the center.
- Go back to the left column. Select Preview my 1040.
- Form 1040 will display. Use the slider bar to the right of the form to move up and down.
- When you are finished viewing, go back to the left column and select Back.
If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200. If you are married, each spouse receiving unemployment compensation doesn’t have to pay tax on unemployment compensation of up to $10,200. Amounts over $10,200 for each individual are still taxable. If your modified AGI is $150,000 or more, you can’t exclude any unemployment compensation.
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