@55dorota55 wrote:
I just noticed today that TT still didn’t update few things. 1.$10200 is still included in income for calculating the taxable portion of social security. 2. $10200 is still included in calculation of MAGI for IRA contribution. Hoping to see those updates soon.
Go to this IRS website for what is included when calculating taxable SS benefits and IRA contributions in reference to the unemployment compensation exclusion - https://www.irs.gov/forms-pubs/new-exclusion-of-up-to-10200-of-unemployment-compensation
When figuring any of the following deductions or exclusions, include the full amount of your unemployment benefits reported on Schedule 1, line 7 (unreduced by any exclusion amount): taxable social security benefits, IRA deduction, student loan interest deduction, nontaxable amount of Olympic or Paralympic medals and USOC prize money, the exclusion of interest from Series EE and I U.S. Savings Bonds issued after 1989, the exclusion of employer-provided adoption benefits, the tuition and fees deduction, and the deduction of up to $25,000 for active participation in a passive rental real estate activity.
