If you haven't filed taxes yet, here's how to account for the change: On the standard federal 1040 form, you will fill out Schedule 1 and list the full amount of unemployment benefits you received on line 7 titled "Unemployment compensation," the IRS advises.This total is listed on a 1099-G form you received. Because of fraud surrounding unemployment, you should check that that number matches what you actually got.
Then, you list the amount you can exclude on line 8 titled "other income" as a negative amount (in parentheses.) For example, if you received $12,000 in unemployment, you would list ($10,200) here, because that is the maximum amount you can exclude from income taxes.
TURBOTAX should update
