@Luke3691 wrote:
This is not updated in the program as the recent law passed will forgive up to 10,200 of taxable income,
The American Rescue Plan, which was signed into law by President Joe Biden on March 11, made the first $10,200 of unemployment income tax-free for people with adjusted gross income of less than $150,000 in 2020. (The break is $20,400 for two workers in a married couple filing taxes jointly.)
It is taxing me and we made less.
The exclusion is up to $10,200 for each person who received unemployment compensation in 2020 when filing as Married Filing Jointly.
The unemployment compensation exclusion was updated across all TurboTax platforms, online and desktop, on 03/26/2021.
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.
Using the online editions - Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
Using the desktop editions, update the software -
On a Windows based PC, click on Online and Check for Updates
The current version is 020.000.1700. Click on Help>About TurboTax>Version
On a Mac personal computer select Check for Updates from the TurboTax menu.
