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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!