My single taxpayer only had $30,000 of w-2 wages. $10 of interest and $13,000 of unemployment benefits. Total income of 43,010. Can we exclude $10,200 of unemployment benefits from tax.
After working through the 'Unemployment Compensation Exclusion Worksheet" the answer is he has -0- unemployment benefits to exclude.
I thought the correct answer was going to be $10,200 of unemployment benefits to exclude??
You were told the worksheet isn't in the programs yet:
You don't have to Keep Asking your peers every time for the same issue. Everyone here also is watching for updates, so no one knows more than you do until Intuit makes their announcements.
"Level Up" is a gaming function, not a real life function.
add sched 1-7
|Line2||Schedule 1 line 8||0|
|Line3||Add Line1 & 2||32771|
|Line 5||Subtract Line 4 from 3||31071|
|Line 6||If Line 5 = $150,000 or more Stop - No exclusion|
|If Line 5 = less than $150,000 go to line 7|
|Line 7||Unemployment compensation paid not to exceed $10,200||10200|
|Line 8||Unemployment compensation paid to spouse not to exceed $10,200|
|Line 9||Add Line 7 & 8||10200|
|Line 10||Subtract Line 9 from line 2 and enter amount on Schedule 1 line 8||-10200|
Line 2 (Schedule 1 Line 😎 should not include the excluded amount only what would normally go there...things like other income, gambling winnings etc.. I made the same mistake the first time running through it.
Sample numbers included and it messed up the table when converted sorry.
Your spreadsheet is missing Schedule 1 Lines 1-7.
1. Enter the total of lines 1 through 7 of Form 1040 and Schedule 1, lines 1 through 7.
So that Schedule C with $150K of income might disqualify you. 🙂