@Sailbound88 wrote:
Here are my questions:
- The article also states that "Workers can exclude [UI] aid when calculating their modified adjusted gross income." Does this mean exclude the entire amount of UI income received or just up to the $10.2k deduction limit? If it's the latter, does the deduction extend to 20.4k for Married Filing Jointly?
- If new AGI is less than $150k following the UI deduction, will affected filers also now qualify for the stimulus payments and child tax credits that are precluded for those making over that amount?
- Finally, what is the proper guidance for those of us affected by this? To amend or not to amend?
I'm hoping that someone with true knowledge on these topics can respond with answers here. There's a lot of additional potential benefits here, and we need direction on whether filing an amended return makes sense now. TIA!
1) The maximum amount excluded on the tax return can not be more than $10,200 total for each spouse.
2) Yes, the reduced AGI might make you eligible of other credits.
3) For the other possible credits you need to amend - however, the IRS does not want you to amend for the UE credit rebate. They should be sending checks in May or June for the UE credit.
Amended returns are currently taking about 6 months to process.
There might be more IRS guidance coming for how to handle this.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
