Will i get unemployment tax break

[draih251]

How will i know if im entitle to unemployment tax break

[VolvoGirl]

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]

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

[VolvoGirl]

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]

Thank you

[draih251]

What if i already filed

[VolvoGirl]

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]

Thanks