Please review your rollover entry (see steps below). If entered correctly it will show as $0 on line 4b taxable amount with ROLLOVER next to it and it will not affect your modified adjusted gross income (MAGI). Please see IRS Unemployment Compensation Exclusion Worksheet for the calculation of MAGI (scroll down).
If your modified adjusted gross income (MAGI) is less than $150,000, then you can exclude up to $10,200 of unemployment compensation paid in 2020 from your taxable income. Amounts over $10,200 for each individual are still taxable.
You will see the UEC on line 8 and the exclusion amount as a negative number.
Please follow these steps to enter a rollover:
- Open you return in TurboTax
- Click on "Search" on the right top and type “1099-R” in the box
- Click on “Jump to 1099-R”
- Continue "What did you do with this money from this payer?" and select "I moved the money to another retirement account (or returned it to the same account" the select what applies to you.
- Continue answering the questions.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
