topic On Schedule 1 Line 8 - "Other income. List type and amount", Turbo tax has added "UCE". What is UCE? in Business & farm

On Schedule 1 Line 8 - "Other income. List type and amount", Turbo tax has added "UCE". What is UCE?

cara_robechek — Sun, 28 Mar 2021 11:58:35 GMT

Re: On Schedule 1 Line 8 - "Other income. List type and amount", Turbo tax has added "UCE". What ...

KathrynG3 — Sun, 28 Mar 2021 12:13:09 GMT

UCE stands for Unemployment Compensation Exclusion.

The new tax law allows for a subtraction for the first $10,200 of unemployment. This is reported on Line 8 as UCE as a negative amount to what unemployment is entered on Line 7.

For more information, see: New Exclusion of up to $10,200 of Unemployment Compensation | Internal Revenue Service

Re: On Schedule 1 Line 8 - "Other income. List type and amount", Turbo tax has added "UCE". What ...

jonwalker — Sun, 11 Apr 2021 07:01:52 GMT

Greetings:

I filed my federal taxes on March 17th.

I filed my state taxes on April 10th.

My problem is now that there is a difference in my federal taxes. On Schedule 1 Line 8 there is now a deduction of my unemployment income. It shows it as UCE. This reduced my income so now am showing a much larger refund. Is this a mistake?

Do I now have to file an amended return with the state or federal return?

Thanks so much.

Re: On Schedule 1 Line 8 - "Other income. List type and amount", Turbo tax has added "UCE". What ...

Critter-3 — Sun, 11 Apr 2021 12:38:54 GMT

This is not a mistake due to the new rules (read the post just above yours in this thread) and the IRS will make this correction automatically sometime in May so do NOT do anything. https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-may

Re: On Schedule 1 Line 8 - "Other income. List type and amount", Turbo tax has added "UCE". What ...

Critter-3 — Sun, 11 Apr 2021 12:40:03 GMT

How is my state taxing unemployment income?

https://ttlc.intuit.com/community/internal-revenue-service/help/how-is-my-state-taxing-unemployment-...

Re: On Schedule 1 Line 8 - "Other income. List type and amount", Turbo tax has added "UCE". What is UCE?

tasortor — Fri, 11 Mar 2022 00:04:57 GMT

For anyone who did not realize, if you are in the state of MN, they do not conform to the rescue act that allowed the relief of this income - and you will get a tax bill if it wasn't adjusted on your state return. Which unfortunately TurboTax didn't adjust mine and I had no idea so I am paying the price now.

Re: On Schedule 1 Line 8 - "Other income. List type and amount", Turbo tax has added "UCE". What ...

ThomasM125 — Fri, 11 Mar 2022 00:10:39 GMT

Minnesota allows the same exclusion of up to $10,200 in unemployment compensation for 2020. You can see more about it here:

Minnesota law change FAQs

@tasortor