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Get your taxes done using TurboTax
Joe, I think you misunderstood my comments. I DO NOT want to take the unemployment tax break, however, Turbo Tax is forcing everyone to take the tax break (if they qualify), whether it helps them or not. In my case, excluding the $10,200 from Unemployment reduced my MAGI below the Premium Tax Credit threshold, which then would show that I was ineligible for the credit. I spoke with the IRS about this already and they confirmed that the unemployment tax break is not a required deduction/adjustment, i.e., if the tax break does not help, you are not required to take it. The tax break 'ALLOWS' you to exclude up to $10,200 in unemployment income, but does not REQUIRE that you accept the deduction.
April 12, 2021
1:24 PM