does the 2020 unemployment tax exclusion reduce adjusted gross income for the student loan caculation

[Suzanne2]

the new update addresses the 2020 unemployment tax calculation -However when

determining the student loan interest deduction it is not backing out the unemployment tax exclusion from adjusted gross income nor .do I believe it is taking it into account to reduce taxable social security.  Should the exclusion reduce modified adjusted gross income? .

[BobKamman]

No.  There are some other discussions here about how the "conforming amendments" in the new law told us not to change those.  

[abctax55]

Because that is the way the law says to do it:

(courtesy of TGB, Jensen, Bob and whoever else I missed).

The calculation for taxable Social Security (and about 6 other things) still use the FULL amount of unemployment.  The $10,200 exclusion does NOT apply to those calculations.

These are the items that still use the full amount (thanks to "Judy" on another forum that I'm copy-and-pasting this):

• Taxable amount of social security
• Exclusion for US savings bond interest used for higher education
• Exclusion for employer-provided adoption assistance
• Limit on deductible IRA contributions by plan participants
• Limit on student loan interest deduction
• Limit on deduction for tuition and fees
• Limit on rental real estate exception to passive activity loss rules

For code-heads, these are Conformity Amendments for MAGI under Sec. 9042(b) of the ARP Act.

[Bsch4477]

Just so I am clear. The deduction does affect the AGI with respect to calculation of Earned Income Credit?