Solved: Unemployment income wages not taxable
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claudezzy
New Member

Unemployment income wages not taxable

Is the update available for the Unemployment Income Tax exemption? Do I have to remove the unemployment income from my wages information? Should I remove the income tax information for my unemployment wages?

1 Best answer

Accepted Solutions
DoninGA
Level 15

Unemployment income wages not taxable

You do not delete the unemployment compensation already entered on your tax return.  The TurboTax program will calculate the exclusion.

 

The unemployment compensation exclusion was updated across all TurboTax platforms, online and desktop, on 03/26/2021.

 

The exclusion is reported on Schedule 1 Line 8 as a negative number.  The unemployment compensation received is on Line 7 of Schedule 1.  The result flows to Form 1040 Line 8.

 

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

UCE TTO 2020.JPG

 

View solution in original post

1 Reply
DoninGA
Level 15

Unemployment income wages not taxable

You do not delete the unemployment compensation already entered on your tax return.  The TurboTax program will calculate the exclusion.

 

The unemployment compensation exclusion was updated across all TurboTax platforms, online and desktop, on 03/26/2021.

 

The exclusion is reported on Schedule 1 Line 8 as a negative number.  The unemployment compensation received is on Line 7 of Schedule 1.  The result flows to Form 1040 Line 8.

 

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

UCE TTO 2020.JPG

 

View solution in original post

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