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M
mattgutz
Level 4
April 2, 2021
Question

The student loan interest deduction worksheet is not reporting the correct total income on Line 9 of the 1040?

  • April 2, 2021
  • 2 replies
  • 0 views
It is increasing the amount by the untaxable portion of Unemployment Compensation.  I am reading that this should not be the case.  What am I missing? Please Help!!
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2 replies

T
TylorValdez1
Level 6
April 2, 2021

See the following article.

https://proconnect.intuit.com/community/form-1099-g/help/generating-the-unemployment-compensation-exclusion-in-proconnect/00/144018

 

The following deductions and exclusions are still calculated using the full unemployment compensation your client received:

  • Taxable social security benefits
  • IRA deduction
  • Student loan interest deduction
  • Tuition and fees deduction (Form 8917)
  • Deduction of up to $25,000 for active participation in a passive rental real estate activity (Form 8582)
  • Exclusion of interest from certain bonds (Form 8815)
  • Exclusion of employer-provided adoption benefits (Form 8839)
    M
    mattgutzAuthor
    Level 4
    April 3, 2021

    Thank you TylorValdez1!

     

    BobKamman
    BobKamman
    Level 15
    April 2, 2021

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