Unemployment

[Life-Is-Good]

My husband and I made just over 150,000. However, a portion of it was a one time withdrawal of my pension and unemployment. If unemployment was taken away we would have under the 150000. Would we qualify for the 10,200 forgiveness?

[LenaH]

No. Only if your modified adjusted gross income (MAGI) is less than $150,000 (including unemployment), would you qualify for the exclusion of unemployment for up to $10,200 (per spouse) of unemployment compensation paid in 2020.

Your modified adjusted gross income (MAGI), is defined as your household's adjusted gross income (AGI) with any tax-exempt interest income and certain deductions added back.

New Exclusion of up to $10,200 of Unemployment Compensation