@joeygamb
I think that will work, provided that one of you has compensation that allows you to make an IRA contribution for 2020, and that your IRA contribution is deductible. If either of you was covered by an employer retirement plan, or received Social Security benefits, you might not be able to deduct the full amount of your IRA contribution. The rules for deductible IRA contributions are very complicated. Try it out in TurboTax before you actually make the IRA contribution, and see if it works out as you expect.
Note that what you have to bring down below $150,000 is Modified AGI, which is different from the AGI on Form 1040 line 11. In TurboTax the Modified AGI for the unemployment exclusion is on line E of the Unemployment Compensation Exclusion Smart Worksheet, which is below line 21d of the Other Income Statement.
Also, I wouldn't cut it so close as to put yourself just $1 below the cutoff. Give yourself some margin for error in case something else changes that increases your AGI.
Finally, keep in mind that an IRA contribution for 2020 must be made by May 17.
