This discussion has been locked. No new contributions can be made. You may start a new discussion here
SS uses MAGI that includes the entire amount of UI income.
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.
Thank you, much appreciated.
YVW - many have asked.
Most want us to "prove" it....
It would seem your social security benefits worksheet instructions for line 3 need to be changed if the UIC is to be included in the income on that line or at least as it appears on the worksheet.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.