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There is not a tax credit for unemployment.
Enter your unemployment compensation as reported on the Form 1099-G you received from your state.
The TurboTax software will exclude up to $10,200 of the unemployment from your income on the federal tax return provided that your 2020 AGI is less than $150,000.
thank you! Do I have to add it back into the state return since that picks up what the federal does?
@younggramof6 wrote:
thank you! Do I have to add it back into the state return since that picks up what the federal does?
No, you should not have to add it back on the state return. But you should contact TurboTax support to find out if your state return was also updated for the exclusion amount.
I have a Georgia state return and the program automatically added the exclusion amount back onto the state return.
@younggramof6 I just found this support FAQ for the status of the unemployment exclusion for each state - https://ttlc.intuit.com/community/internal-revenue-service/help/how-is-my-state-taxing-unemployment-...
Thank you for all of your help, it’s much appreciated!
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