Kkamal
Returning Member

Is the $300 taxable?

How much can I deduct from my taxes for unemployment assistance.  And are the $300 taxable?

Deductions & credits

You deduct nothing from your taxes for unemployment.  You put in the number from your 1099-G form and TurboTax does the deductions for the first $10,200 that is tax free.  That includes the $300 and your regular unemployment amount.

Deductions & credits

YOU do not deduct anything from your income for unemployment that you received.   You enter your 1099G exactly as it appears and let the software do all of the calculations.   The software is already programmed to waive the federal tax on the first $10,200 of unemployment that you received.  ALL of the unemployment you received in 2020 must be entered---do not subtract or change anything.

 

You will have to enter a 1099G that is issued by your state.

 

Some states will mail out the 1099G.  Or you might need to go to your state’s unemployment website and use the password, etc. that you have been using to certify for weekly benefits to get your 1099G from the state’s site.

 

Enter your 1099G in Federal>Wages & Income>Unemployment

 

Go through the screens very carefully, making sure  to enter any federal/state tax you had withheld from the unemployment.

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-report-a-1099-g-for-unemploymen...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**