A few of us [prescient ones] withdrew a large chunk of our tax-deferred accounts in 2020 to avoid the pending tax increases. While I did not earn even close to $150k last year, my AGI stands at $151k as a result. As a 2020 Census Employee I was eligible for UIC/PUA and received some while we waited for the DOC to get a green light. Knowing this, and the law, I will be making adjustments [IRA deposits] to get my AGI back below $150k in order to take advantage of this new exemption.
Regardless the timing of the process and/or forms, anyone with AGI close to $150k needs to examine their return for ways to reduce their AGI: An amended return cannot amend your IRA exclusion.
