Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
jcn0360
New Member

Why is my other income negative amount

When I check how Turbotax calculated my total income it shows a large negative amount for other income example $-10,000 of other income.   I do not have any location where I would have entered that.
1 Best answer

Accepted Solutions
fanfare
Level 15

Why is my other income negative amount

that would not happen to be $10,200 ? which is the amount of the UI taxable amount exclusion .

Did you report Unemployment compensation ?

View solution in original post

7 Replies
fanfare
Level 15

Why is my other income negative amount

that would not happen to be $10,200 ? which is the amount of the UI taxable amount exclusion .

Did you report Unemployment compensation ?

View solution in original post

jcn0360
New Member

Why is my other income negative amount

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

fanfare
Level 15

Why is my other income negative amount

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.

fanfare
Level 15

Why is my other income negative amount

Note: IRS says:
don't amend until we think about your situation some more.

Kelso24
New Member

Why is my other income negative amount

Should I wait to file or file now? My return increased, but afraid to file and have to pay back later 

fanfare
Level 15

Why is my other income negative amount

You are one of the few people freaking out about getting an increased refund,

rather than about not getting an increased refund.

npierson7
Level 1

Why is my other income negative amount

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. 

Dynamic AdsDynamic Ads
Privacy Settings
v