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Deductions & credits
This response is fantastic. So now, how does the standard deduction apply to unemployment income? It seems that Turbo tax is putting unemployment income as "other income." I have approx 16K unearned (unemployment - covid) and only 8K earned, my standard deduction is limited to 8K. I get $10,200 as an exemption on the federal side against the 16K but I am left with 6K that I have to pay 28% on (my parent's tax rate) My bill on approx. 6K taxable income is $1229. Is this right? Seems crazy.
May 11, 2021
2:38 PM