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that would not happen to be $10,200 ? which is the amount of the UI taxable amount exclusion .
Did you report Unemployment compensation ?
that would not happen to be $10,200 ? which is the amount of the UI taxable amount exclusion .
Did you report Unemployment compensation ?
Yes was $10,200 amount
And yes got UI from small business that had no income due to pandemic shutdowns
But had taxes taken out at the time
Is that recent then ?
Meaning it has been about a month or so since I last logged into Turbotax and at
the time that amount was not there
Thanks
you are one of the few not freaking over the UI exclusion in bill just signed by the president.
That is the recently recommended procedure put out by the IRS to reduce your tax.
TurboTax just updated.
Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend if a TurboTax update changes your return or for any other reason,
SUCH AS, Congress changes the tax code in mid-season.
AND, to find your AGI next year.
Note: IRS says:
don't amend until we think about your situation some more.
Should I wait to file or file now? My return increased, but afraid to file and have to pay back later
You are one of the few people freaking out about getting an increased refund,
rather than about not getting an increased refund.
Yes, you can file now. Other income could be negative amount for various reasons and it offsets your taxable income. In your case it's most likely your unemployment compensation adjustment.
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