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Does the $10,200 unemployment tax break lower AGI?We are currently above the $138,000 limit for the lifetime learning credit. After the break, we would be below.
The LLC income limit is $138,00 (married filing jointly). I am married filing jointly and my wife and I both have tuition expenses. My wife had unemployment income during the pandemic. Though turbo tax says our income is less than $138,000 on the review page, the education credit page says our income exceeds $138,000. I suspect this is because of the $10,200 unemployment tax break. I'm wondering if turbo tax supports this use case. I do not want to lose out on the LLC.
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‎April 18, 2021
1:36 PM