@TaxUser8 wrote:
New User here. I was trying to find information to confirm, is the final AGI total going to be reduced by the $10,200 Unemployment reduction? Is there a difference between the AGI and 'taxable income'?
The unemployment compensation exclusion is up to $10,200 and reduces your 2020 AGI. If your UC was less than $10,200 then the exclusion is only the amount of the compensation you received.
The AGI and the Taxable Income will usually be different. The AGI gets reduced by the Standard Deduction for your filing status or the Itemized Deductions will be used if greater than the Standard Deduction.
The AGI is on Form 1040 Line 11. The Standard or Itemized Deduction on Line 12. Taxable income is on Line 15.
You can view your 2020 Form 1040 at any time. Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
