I'm helping my daughter with her 2020 taxes using Turbo Tax. I understand I need to enter the amount of UC benefit paid and the Federal withholding from the 1099-G. Does the Turbo Tax software automatically calculate the $10,200 exemption for refund/tax due? Thanks
Thank you for the reply but I'm reading online that the update was released last week. I'm fine waiting to file her taxes until the update is in the software. Just want to be sure and need to understand if I enter the full amount into Turbo Tax that is showing on her 1099-G or the amount less the $10,200 exemption. Thanks
I think the online version of turbotax has the first update for the $10,200 unemployment reduction built in.
However march 23rd, there was another update by the IRS. Im sure that is NOT in the online version yet.
(as for the previous update, My daughters were on unemployment and owed a lot to Feds, but after the 12th or so, it was updated so they each only owe a few hundred, which is why I say it was updated once...)