How do I report my unemployment income?

Article ID: 59329  

Question
How do I report my unemployment income?

Answer

Click on the income tab and then 1099-G on the income tab below the heading "Unemployment Income."

You should receive a Form 1099-G showing the total unemployment compensation paid to you last year. If you received an overpayment of unemployment compensation last year and you repaid any of it last year, subtract the amount you repaid from the total amount you received. Include the result in the total here. If you repaid unemployment compensation last year that you included in gross income in an earlier year, you can deduct the amount repaid.

Repayment of unemployment compensation. If you repaid in the current tax year unemployment compensation you received in the current tax year, subtract the amount you repaid from the total amount you received and enter the difference on line 19 of Form 1040, Schedule 1. On the dotted line next to your entry, enter "Repaid" and the amount you repaid. If you repaid unemployment compensation in the current tax year that you included in your income in an earlier year, you can deduct the amount repaid on Schedule A (Form 1040), line 16, if you itemize deductions. If the amount is more than $3,000, see Repayments , later.  See publication 525.

 

For the 2020 return, the first $10,200 is removed from the taxable income (by the OLT software) as indicated in the American Rescue Plan Act of 2021.

 

 


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Views: 1899 Created on: Jun 15, 2013