topic Unemployment credit in Get your taxes done using TurboTax

Unemployment credit

Rekoenen — Thu, 01 Apr 2021 02:17:27 GMT

I have filed already. Did turbo tax factor in the 10500 reduction in unemployment on my federal return?

Re: Unemployment credit

DaveF1006 — Thu, 01 Apr 2021 02:26:21 GMT

It depends on when you filed your return. To clarify, what date?

Re: Unemployment credit

Rekoenen — Thu, 01 Apr 2021 02:28:15 GMT

3/24

Re: Unemployment credit

DawnC — Thu, 01 Apr 2021 02:40:01 GMT

Probably so. You can easily double-check though. Look at Schedule 1 of your tax return. You should see the full amount of unemployment you received on Line 7 and then you should see the subtraction on Line 8. If you see the subtraction, the exclusion was factored in. If not, it was not. However, if it was not, you do not need to amend as the IRS will be issuing refunds at a later date. See the example Schedule 1 below. The subtraction will not be more than the amount on Line 7 and the maximum subtraction will be $10,200.