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: 
draih251
Returning Member

Will i get unemployment tax break

How will i know if im entitle to unemployment tax break
7 Replies
VolvoGirl
Level 15

Will i get unemployment tax break

Did you get any unemployment?  If you have unemployment you can exclude up to 10,200 if your income is under $150,000.  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.

 

Did you already file?  Turbo Tax automatically adds it.  

draih251
Returning Member

Will i get unemployment tax break

How do i know how much i will receive in unemployment tax break

VolvoGirl
Level 15

Will i get unemployment tax break

It will reduce your income.  So the tax will be less.  You have to fill out your return to see.plus you get credit for any withholding taken out.

draih251
Returning Member

Will i get unemployment tax break

Thank you

draih251
Returning Member

Will i get unemployment tax break

What if i already filed

VolvoGirl
Level 15

Will i get unemployment tax break

If you already filed and didn't get the 10,200 unemployment exclusion you do not need to amend.  The IRS will be adjusting it for you.  See,

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...

 

draih251
Returning Member

Will i get unemployment tax break

Thanks

Dynamic AdsDynamic Ads
Privacy Settings
v