UNEMPLOYMENT EXCLUSION

Forum|Forum|5 years ago
March 14, 2021
12 replies
51 views

MY UNDERSTANDING IS THE $10,200 EXCLUSION IF FOR MFJ AND AGI IS LESS THAN $150,000 AND SINGLE IS AGI IS LESS THAN $75000. CAN YOU FILE MARRIED FILING SEPERATE AND USE THE $75000 AGI FOR THE TAXPAYER. I HAVE A SITUATION OF A MARRIED COUPLE SHE MADE $98,000 AND HE MADE $58000 INCLUDING UNEMPLOYMENT. CAN I FILE SEPERATE AND GIVE HIM THE UNEMPLOYMENT EXCLUSION.

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Just-Lisa-Now-

Intuit Community Champion

Im not seeing where it shows that the 150k needs to be split for single. These IRS instructions dont mention Single or Married...can you provide a link to that information?

https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemployment-compensation

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

J

jgm6520

Level 4

I think you're correct but the real question is how do you give individuals or couples the credit? Are we going to get another version of the 1040?

Just-Lisa-Now-

Intuit Community Champion

@jgm6520 wrote:

I think you're correct but the real question is how do you give individuals or couples the credit? Are we going to get another version of the 1040?

I dont understand your question....the IRS issued guidance on how to apply the exclusion, no extra forms or 1040 change needed.

https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemployment-compensation

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

BobKamman

Level 15

you are confusing this with the $75,000 limit on economic impact payments. so far irs has admitted that the $150K applies to both mfj and mfs returns, although watch for an announcement next friday night that they have changed their mind.

qbteachmt

Level 15

This isn't correct: "MY UNDERSTANDING IS THE $10,200 EXCLUSION IF FOR MFJ"

It's $10,200 per each person on a joint return who collected unemployment. That means if one of them only got $8,000 UI and the other got $15,000, the other does not get to use the $2,200 difference and only has $10,200 excluded.

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