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I thought the exclusion was only available to couples with less than $150,000 AGI and individuals with less than $75,000 AGI.
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$150,000 Across the board....less thinking, more reading.
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From what I see do not like solution or if works properly. calculation of MAGI and AGI removes the
$10,200 for all calculation, however, for taxable amount of social security it does not reduce the amount for the 10,200.
Old and disabled hurt again
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@Keet wrote:
calculation of MAGI and AGI removes the 10,200 for all calculation, however, for taxable amount of social security it does not reduce the amount for the 10,200.
There are 7 MAGI calculations (including taxable Social Security) that use the FULL amount Unemployment. The $10,200 exclusion does not affect those calculations.
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Wouldn't you get the same result -- 85% taxable -- even if you reduced the AGI by the $8,200 when doing the Social Security calculation?
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Every once in a while there is a low income person who gets taxed on less than 85% of their SS.
The more I know the more I don’t know.
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I don't consider $82,000 AGI a low income.
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I missed that in the subject line.
The more I know the more I don’t know.
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The comment about Social Security was from an add-on person, not the original poster.
So the question and answer about Social Security has nothing to do with the original question about the $150,000 limit or the AGI of $82,000.
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@TaxGuyBill wrote:
The comment about Social Security was from an add-on person, not the original poster.
So the question and answer about Social Security has nothing to do with the original question about the $150,000 limit or the AGI of $82,000.
Welcome to the Internet. It seems like 90% of the posts on the TTB forum get derailed like this in some way. It's much less common to find it here. Most people here just start a new post with the same question as the 37 posts before it.