@jon-cpr1-gmail-c wrote:
I’m not looking for a button that says “apply.” I mean I don’t yet see the value or benefit of the 10200 or how it impacts my taxes owed. Overall, I’m paying 12% tax on around 42K Gross income of which 80% was unemployment. Just applying the itemized deduction and the exclusion would make that even lower. That is not even counting my personal and business deductions. I would think the exclusion would provide a better benefit. So I'm concerned something is off. I'd like to be able to review everything to make sure. Turbo-Tax does not allow me to see how the exclusion applies because I can’t yet access my1040 where I know it should be. Do I have access to my 1040 so I can see the exclusion?
With Turbotax online, you can't view or print your real tax form until you have paid the fee. You can pay the fee with a credit card, then print your forms to review, then go back to the program to make more changes. You don't have to file when you pay and you won't have to pay again when you are ready to file.
You can also go to the Tax Tools menu and click "preview my 1040" which will tell you what the key numbers are (income, deductions, tax) but without giving you an actual printable tax form. Your unemployment compensation is reported on schedule 1, line 7, which goes to form 1040, line 8. So line 8 should be $10,200 less than your actual UEC.
Another way to play around with the numbers would be to go into the 1099-G section for your UEC and change it to $1. That will show you a tax amount or tax refund without the UEC. Then change the UEC amount to $10,199. Your federal tax due/refund should not change, since the exclusion is automatically applied, but your state refund should go down, if your state taxes the entire amount. Then put your UEC back to the correct amount.
With $42K gross and $12,400 standard deduction, that's $30,000 of gross taxable income, or $20,000 of taxable income with the UEC exclusion. Either of those will be taxed at 12%. (10% for the first $9800 and 12% for everything over that, if you are single.)
