Unemployeement payment

[williamtaxes2020]

does turbo tax take the deduction automatically? Do I declare the full amount or do I take the 10.000 off (20.400) for couples filing joint off the total amount. Then enter the lesser amount in the wages and income section. Thanks

[TaxTim1]

Good question.  You do not need to make the adjustment yourself.  TurboTax has been updated & will walk you through the process & determine your eligibility.  The below will link you to an informative article.  Hope this help.

http://publiccontracting.blogspot.com/2013/05/are-you-releasing-payment-and.html.

[RayW7]

Agreeing with @TaxTim1-

If you have already filed there is no need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. The IRS will refigure your taxes using the excluded unemployment compensation amount and adjust your account accordingly. The IRS will send any refund amount directly to you.