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- Modified AGI on 8962 not including Exempt Unemployment
Modified AGI on 8962 not including Exempt Unemployment
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sam
Level 1
04-06-2021
07:26 AM
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My understanding of the character of the unemployment compensation, even the tax-exempt portion, is that it should be counted in modified AGI on Form 8962, similar to the non-taxable portion of social security benefits. At the this time Lacerte is not adding the exempt unemployment back for modified AGI on Form 8962.
To Lacerte community: Is anyone else observing this?
To Lacerte developers: Will this be corrected in an update soon? Otherwise we are having to calculate the modified AGI and adjust the "household income" field for the missing difference.
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pamdory
Level 8
04-06-2021
07:54 AM
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I believe Form 8962 is under review due to the ARP payback provision. So there are changes to come. On Saturday, 04/04, Drake software notified their users that they had updated their program based on "Recent IRS guidance", however I haven't been able to find any such guidance on irs.gov.
Hence the Lacerte diagnostic telling us to hold returns with a Form 8962
