Hey if my AGI for the year is 29,000 after deductions ,but I received around $7000 unemployment that year , does that count towards my total AGI , so that would make my total AGI , 36,000?
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Yes, the $7,000 unemployment benefits count towards your AGI but TurboTax includes them in your AGI calculation so don't add the $7,000 to the $29,000.
Unemployment is taxable income---so yes it "counts,"
UNEMPLOYMENT COMPENSATION
Unemployment compensation is taxable on your federal return.
You will have to enter a 1099G that is issued by your state.
Some states will mail out the 1099G. Or you might need to go to your state’s unemployment website and use the password, etc. that you have been using to certify for weekly benefits to get your 1099G from the state’s site.
Enter your 1099G in Federal>Wages & Income>Unemployment
Go through the screens very carefully, making sure to enter any federal/state tax you had withheld from the unemployment.
STATES THAT TAX UNEMPLOYMENT BENEFITS
AZ, AR, CO, CT, DE, DC, GA, HI, ID, IL, IN, IA, KS, KY, LA, MA, ME, MD, MI, MN, MS, MO, NB, NM, NY,NC, ND, OH, OK, OR, RI, SC, UT, VT, WV, WI
STATES THAT DO NOT TAX UNEMPLOYMENT BENEFITS on the state return
AK, CA, FL, MT, NH, NJ, NV ,PA, SD, TN, TX, VA, WA, WY
Yes, the $7,000 unemployment benefits count towards your AGI but TurboTax includes them in your AGI calculation so don't add the $7,000 to the $29,000.
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