Not every state was offering the 10200 tax break, MA just adopted it so when will it update on turbotax
Many of us have the same question. I will give Turbo Tax a little more time but if you want to file sooner and you know you income is less than 200% of the federal poverty level, you can add schedule Y and enter 10,200 under the Schedule Y Deductions Smart Worksheet line D. This will add 10,200 to line 9 on Schedule Y and it will carry over to line 15 on Form 1.
Please bear in mind that the 200% federal poverty level threshold is based on household income, and there's no indication yet on how that will be calculated. You'll need to check the link below for updates.
According to If I have not filed my 2020 income tax return, how can I claim the new unemployment deduction? on the Massachusetts Department of Revenue's Tax Filing Season Frequently Asked Questions page:
If you have not filed a 2020 tax return yet, you should report all of your unemployment income on your Massachusetts return as usual using line 8a on Form 1 (for resident taxpayers) or line 10a on Form NR/PY (for nonresidents or part-year residents). If you are eligible for a deduction, you should report the deduction amount on Schedule Y, line 9. Note that you may be eligible for a deduction on your federal return but not eligible for a deduction on your Massachusetts return. More information about how to calculate household income and the deduction amount will be added to this page soon. Please check back.
First of all thank you for responding so fast and when you say i could add it to schedule Y and all of that, can i do that on turbotax? Or how do i do that? I will also give it a little more time because MA governor baker just signed this bill on April 1st so maybe it just hasnt been updated.
Okay thanks and 1 last question lol..do you know how i add the schedule Y..
In Turbo Tax go the the upper left hand menu bar, click view forms than above were is says forms in my return select open form and select schedule Y under Massachusetts.
Hope this helps.