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cyinyv64
Returning Member

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> have been a customer for many years and by your employee suggested that I do an amendment to qualify for the unemployment tax credit. I got 230 while everyone I know same length collecting got $1632.00. I was collecting all year long taxes paid were 54.00 weekly how in the hell can this be?

 

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5 Replies
rjs
Level 15
Level 15

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The unemployment exclusion is an exclusion from income, not a credit.


You should not have had to file an amended return to get the unemployment exclusion for your federal tax. If you did not already get it on the federal tax return that you filed, the IRS would have recalculated your tax return and sent you a refund, without your having to file an amended return.


You might have had to file an amended state tax return to get the unemployment exclusion for your state tax. It depends on what state you are in. Is that what you did? Did you file an amended state tax return? Was the $230 refund from the IRS or from the state?


The amount that you get for the unemployment exclusion has nothing to do with the amount of tax that was withheld from your unemployment payments, or with how long you collected unemployment. The exclusion reduces your taxable income. How much of a difference that makes in your tax depends on your total income for the year, your filing status, and other factors. Since we can't see your tax return, we can't tell why you only got $230. One possibility is that $230 is all the tax that you paid. If the $230 was for your federal tax, you can't get back more than the amount on Form 1040 line 16 of the federal tax return that you filed.

 

Credits

Look at the form 1040X …

 

Column A should have the figures from the original return, Column C the corrected figures and Column B the differences between the other 2 which needs an explanation on page 2 of the form 1040X.

 

If you completed it correctly you will see an entry on either line 16 OR 18:

 

On line 16 should be the amount you paid with your original return. 

 

On line 18 should be the amount of your original refund you received.

 

Then you will see your extra refund on line 22 OR  the new balance due you need to pay on line 20.

 

 

 

cyinyv64
Returning Member

Credits

Column A=25,234

Column B=15,034

Column C=10,200 

You tell me. Thought you were the expert

cyinyv64
Returning Member

Credits

NEW MEXICO 

Credits

@cyinyv64 

 

If that is line 1 of the 1040X then that looks wrong ... column B should be the difference between A & C so if you are reducing the unemployment by 10,200 then that amount should be in column B not C.  Not sure how you got the reversed.

 

Call TT direct and talk to them in real time to discuss your situation ...  

 

Please use the following link to contact Customer Support for further assistance.

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

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