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"sell it"?? It might not matter. You can now exclude up to 10,200 of Unemployment.
For the Unemployment 10,200 exclusion......
Turbo Tax is updated for it. You don't have to do anything special to get it. It is automatic. Just enter the full amount on your 1099G. If the exclusion doesn't show up you may need to update the Desktop program. If updating doesn't help or you are using the Online version then delete the 1099G and re enter it.
If you have unemployment you can exclude up to 10,200 if your income is under $150,000. Your unemployment compensation will be on Schedule 1 line 7. The exclusion will be on Schedule 1 Line 8 as a negative number. The result flows to Form 1040 Line 8.
Taxes were not taken from my unemployment when it should have so I want to remove the unemployment and file it next year
Sorry you HAVE to report it on your 2020 return. But it automatically excludes up to 10,200 of Unemployment. So it won't be taxable. How much did you get?
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