![]() ![]() So you will either receive a larger refund or you will not have to have that considered as part of your yearly income, and if no Federal Taxes were deducted from your Unemployment Benefits, and you have made enough to have a tax liability you will only owe on Unemployment Income above that amount. If you chose to have weekly taxes deducted from your Unemployment payments, then you will receive any amount of taxes paid on that 1st 10,000+ dollars claimed as income, which will add that entire amount of taxes paid, completely 100% refundable, so all taxes paid on that amount will be part of your refund even if you normally do not get a refund, because it will reduce your earned income by the entire amount. If you chose to not have Federal Taxes taken out for your weekly unemployment benefits, then this nice deduction will help you avoid paying Federal Taxes on that amount. I'm pretty sure the tax filing companies online already have that info updated, and it will calculate that amount as a deduction up to the whole 10,000+ amount. The unemployment compensation received is on Line 7 of Schedule 1. The exclusion is reported on Schedule 1 Line 8 as a negative number. Not only this particular update, which makes the 10+ thousand dollars of unemployment bennies that are non taxable, however, I used to do tax returns for friends and family, which kinda turned into a very lucrative side hustle, based on Word Of Mouth from people who I always took my time to make sure I got them their maximum refund, and long story short, you can fill in the info both ways in order to compare the difference in taxes owed, and if the IRS has not updated their system yet, to include the question about unemployment income and the new 10,000+ untaxed portion, then simply subtract that amount completely from your reported taxable earnings. The unemployment compensation exclusion was updated across all TurboTax platforms, online and desktop, on. No Politics Outside the Daily Megathread.Include Original Source of Contacts You must include the original source like a direct link to UI office contacts including phone numbers, email, addresses.No Identifying Information Do not submit any identifying information.We are ensuring that the 10,200 of unemployment income gets excluded from taxable income using the IRSs accepted method. You can sign up here to receive an email notification when the changes have been fully implemented into TurboTax. No Illegal or Harmful Advice We do not condone illegal or harmful advice. The updates have not been completed yet for all of TurboTax federal and state products.You will be permanently banned with no warning. Be Kind and Respectful Don't be a dick.Titles Must Be Descriptive Include more than just your state tag in your title.Search Before Posting Before posting, explore the subreddit and use the search function.Read your state's handbook and visit their UI website before applying. Only your local UI office can give you official decisions. Advice here is for informational purposes only and should not be considered final or official advice. ![]() We are a sub dedicated to unemployment insurance help only. DO NOT GIVE OUT YOUR PERSONAL INFORMATION ![]()
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