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??
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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.
1040 | ||||||||
Line 1 | 25000 | |||||||
Line 2b | 3000 | |||||||
Line 3b | 2000 | |||||||
Line 4b | 1000 | |||||||
Line 5b | 100 | |||||||
Line 6B | 1635 | |||||||
Line 7 | 36 | |||||||
Line1 | Total 1-7 | add sched 1-7 also | 32771 | |||||
Line2 | Schedule 1 line 8 | 0 | ||||||
Line3 | Add Line1 & 2 | 32771 | ||||||
1040 | ||||||||
Line 10b | 300 | |||||||
Schedule 1 | ||||||||
Line 10 | 250 | |||||||
Line 11 | ||||||||
Line 12 | ||||||||
Line 13 | ||||||||
Line 14 | ||||||||
Line 15 | ||||||||
Line 16 | ||||||||
Line 17 | ||||||||
Lie 18a | ||||||||
Line 19 | ||||||||
Line 20 | 1150 | |||||||
Line 21 | ||||||||
Line 4 | Total | 1700 | ||||||
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.
So in my example is the exemption amount 10,200?
Hey 'Bama,
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. 🙂
Rick
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.
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