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TeddyX
New Member

Social Security Benefits Worksheet Miscalculates

Social Security Benefits Worksheet Line 3 incorrectly picks up line Schedule 1 line 7, instead of Schedule 1 Line 9. Althought Turbotax calculates Line 7 minus Line 8 (Unemployment Exlusion of $10,200) and shows the net on Line 9, the Social Security Benefits Worksheet ignores all that includes the entire Unemployment Compensation. 

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1 Reply
Hal_Al
Level 15

Social Security Benefits Worksheet Miscalculates

TurboTax is doing it correctly. In the fine print of the Covid law is a provision that the taxable portion of your SS benefits is based on your full unemployment, not the amount after the (up to) $10,200 exclusion.

 

Reference: https://www.irs.gov/forms-pubs/new-exclusion-of-up-to-10200-of-unemployment-compensation

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