Hello everyone
Will the 10200 unemployment compensation exemption reduce the taxpayer's magi for their passive losses or is that just for the unemployment modified adjusted gross income?
Thank You!
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MAGI for passive losses under 469(i)(3)(E) are "without regard to the amounts excludable from gross income under section 85(c)"
Translation: add back the $10,200 (or other excluded amount) when determining MAGI for PALs.
Well, as long as you asked:
Ole and Lena were ice fishing one day and Ole ran out of snoose. He told Lena she'd have to go across the lake and get some from Sven’s General Store.
After she left Ole called Sven on his cell phone and explained that Lena was coming after snoose for him, but he'd have to charge it because he didn't send any money with her.
When Lars asked why not, Ole explained, "I didn't know how thick the ice was."
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