I am applying for a mortgage and my lender needs my 2020 tax return yesterday... I have been holding her off so that I can take this $10,200 exclusion. I just need to know when, like an actual date as to when I can complete my taxes with this exclusion. Pretty please.
TurboTax Online program for the Federal return is ready.
Desktop and states are still being worked on.
I'm in TurboTax online right now, and I went through the entire return... and didn't see it anywhere. I was guided to the end without being offered an opportunity to take the exclusion.
Please direct me to the form, thank you!
Lalania
The program should tax you only on unemployment over 10,200.
Please look at Schedule 1 line 7 and line 8.
Your total unemployment should be listed on Schedule 1 line 7 and the subtraction, up to 10,200 will be on line 8.
This flows to your 1040 line 8.
If it isn't showing this way, delete and re-enter the 1099-G.
TO VIEW THE YOUR 1040:
Click Tax Home
Click Review if necessary to get Tax Tools on the left side-bar
Click Tax Tools on the left side-bar (you may need to use the scroll bar for the left side-bar to see this)
Click Tools on the drop-down list
Click View Tax Summary on the Tools Center screen
When you do this, Preview my 1040 appears on the left side-bar
Click Preview my 1040 on the left side-bar
Scroll down to the 1040 line 8
Scroll down to Schedule 1 line 7&8