I got the tax form after I filed my taxes. I figured since I use Inuit and report all of my income from there, it didnt really matter. But now, I dont think the IRS has any idea that my income was from unemployment and I wont get thge $1020 tax rebate. Should I amend ?
You do not need to report the Unemployment compensation from the form from the unemployment agency (form 1099-G), as long as you entered the correct amount in the correct place.
Unemployment compensation is reported on line 7 of Schedule 1 and is also included in the amount on line 8 of form 1040 (for most people line 8 of form 1040 is your unemployment comp). You do not need to amend if that is where it is.
The is no $1020 tax rebate. What there is is a (up to) $10,200 deduction before income tax is calculated. If you filed before the deduction law was passed, the IRS will automatically recalculate your taxes and send you a refund.
"I reported all of my unemployment income on my taxes"
On which line of 1040 did you put this income.?
That makes all the difference.
Im not really that savy when it comes to taxes......I see alot of areas, but Im not sure what line makes all the difference. I do see a line that says w-2, and 1099 and the 1099 line is empty. Line 9 on the first sheet that says total income...is that the line you're talking about?
Im almost certain I screwed this portion up, and should probably just eat the lost of not getting that unemployment tax rebate. Trying to amend and fix this might be a bigger headache than the return itself.
😩
You do not need to report the Unemployment compensation from the form from the unemployment agency (form 1099-G), as long as you entered the correct amount in the correct place.
Unemployment compensation is reported on line 7 of Schedule 1 and is also included in the amount on line 8 of form 1040 (for most people line 8 of form 1040 is your unemployment comp). You do not need to amend if that is where it is.
The is no $1020 tax rebate. What there is is a (up to) $10,200 deduction before income tax is calculated. If you filed before the deduction law was passed, the IRS will automatically recalculate your taxes and send you a refund.
you have o look at the actual tax return you filed, (or get a transcript from IRS).
Your unemployment should be on Schedule 1 Line 7.
If not there, get a friend or family member savvy with Form 1040-X to help you.
Ok.....my line 7 On the 1040 is empty....but my line 8 says -$16, 392. That is about what I got from drawing unemployment .
Line 9 says $37,063.
I seem to remember something in turbo tax asking is I received unemployment compensation, when I filed earlier this year.
Line 8 of form 1040 comes from Schedule 1.
Do you really mean - 16,392 (a negative number)?
If it's a positive amount and represents your unemployment, then you do not need to amend. The IRS will automatically make the $10,200 adjustment.
we still can't know because the unemployment number goes on Schedule 1.
Ive already got a headache just thinking about if I did it right or if I should process an amendment. And I may only get $200 back for a world of trouble. I'm guessing doing an amendment isn't the simplest thing to do either.
Either way, thanks for all of your responses.