Deductions & credits

@rjs So you may have just addressed my question, but let me post my specific case.

 

My AGI for my wife and I is showing $171,000. 

We had $20,000 of Unemployment Income.  ($16,000 from me, $4,000 from wife)

Right now it is saying we are not eligible for the roughly $14,200 (which is $10,200 for me plus $4,000 from wife) deduction because our AGI is over $150,000.

 

So are you saying if we can reduce our AGI by $1,001 (which would bring our AGI to $169,999), it would then make us eligible for the Unemployment Compensation Exclusion of the $14,200?  Because you are saying the cutoff applies to AGI not including Unemployment Income...which would be $149,999 ($169,999 - $20,000)

 

And if that's the case, can I reduce our AGI by funding a traditional IRA for the $1,001 amount?

 

Thank you!