Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Unemployment Compensation Exemption

tscott1205
Level 4

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??

Labels (1)
0 Cheers
5 Replies 5
qbteachmt
Level 15

You were told the worksheet isn't in the programs yet:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/when-will-proseries-upd...

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.
RollTide68
Level 8
 1040       
 Line 125000      
 Line 2b3000      
 Line 3b2000      
 Line 4b1000      
 Line 5b100      
 Line 6B1635      
 Line 736      
Line1Total 1-7

add sched 1-7

also

32771     
Line2Schedule 1 line 8 0    
Line3 Add Line1 & 232771    
  1040      
  Line 10b300     
  Schedule 1      
  Line 10250     
  Line 11      
  Line 12      
  Line 13      
  Line 14      
  Line 15      
  Line 16      
  Line 17      
  Lie 18a      
  Line 19      
  Line 201150     
  Line 21      
Line 4 Total1700     
Line 5 Subtract Line 4 from 331071    
Line 6 If Line 5 = $150,000 or more  Stop - No exclusion   
  If Line 5 = less than $150,000 go to line 7   
Line 7Unemployment compensation paid not to exceed $10,200 10200
Line 8Unemployment compensation paid to spouse not to exceed $10,200 
Line 9     Add Line 7 & 810200
Line 10Subtract 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.

0 Cheers
tscott1205
Level 4

So in my example is the exemption amount 10,200?

0 Cheers
rbynaker
Level 11

Hey 'Bama,

Your spreadsheet is missing Schedule 1 Lines 1-7.

https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemploym...

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. 🙂

Rick

0 Cheers
RollTide68
Level 8

You are correct it is not on that spreadsheet.  Don't know what happened but you are right.  Swear it was there last night after three beers and 12 hours sitting at the desk.  

🤣

Good catch.

0 Cheers