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Deductions & credits
Hi there i have a question regarding this IRA deduction.
So I received Unemployment in 2020 for $6,600
my AGI without the Unemployment is $64,000 ($68,000 of total income - $4000 of IRA deduction) but after I enter my unemployment income now my AGI increased to $67,750 ($68,000 of total income - $250 of IRA deduction)
Per the IRS guidelines if my AGI less than $150K, the first $10,200 shouldnt be taxable, but how come my IRA deduction got reduced from $4000 to $250 once i added the Unemployment income?
May 16, 2021
10:35 PM