Just wanted to see if it would help. I did all my w2 info first and then added unemployment and my return dropped from over 7k to over 3k :( I know IRS says we don't need to do anything but I would like to crunch the numbers bc I'm impatient lol
TT Online is already updated to reflect the new unemployment comp deduction. But you won't qualify for this if your income is too high. In general, though, any increase in income (including unemployment comp) can lower or eliminate some deductions/credits, so you could be experiencing that as well.
Look at the TT worksheets in your file.
Where do I find that I'm a noob with this. Usually I just file w2 and put turbotax away for the year lol
If you have unemployment you can exclude up to 10,200.
The exclusion will be on Schedule 1 Line 8 as a negative number. Your unemployment compensation will be on Line 7 of Schedule 1. The result flows to Form 1040 Line 8.
Before filing, You can preview the 1040 or print the whole return
Have you already filed? I am not sure what you mean by ''is there a calculation''. You need to report your unemployment income on your tax return. TurboTax has been updated to include the exclusion. The calculation is already built into the software, so all you need to do is enter your 1099-G (and all other tax data) to see what refund you are owed.
TurboTax will exclude up to $10,200 of unemployment income from your tax return if your AGI is under certain thresholds. But you need to enter all of your W-2s and your 1099-G from unemployment in TurboTax. If you previously filed without the exclusion, the IRS will refund the difference sometime in May. If this is the case, when you sign into TurboTax, you will see an updated refund amount and the difference between the amount it shows today and the amount it was when you filed would be the additional amount of refund you should expect from the IRS.
You usually only have a W2? It shows you are in the Self Employed version. Why are you in the highest version if you only have a W2 and 1099G for unemployment?
Thanks I did mine in February lol but I'm gonna check out that flow I appreciate that
If you filed two months ago in February, your tax was higher.
IRS will now calculate the difference and send you another refund, sooner or later.