topic MAGI Calculation after the American Rescue plan in Get your taxes done using TurboTax

MAGI Calculation after the American Rescue plan

mtchiosi — Sun, 28 Mar 2021 21:53:25 GMT

The MAGI is not being calculated correctly when you have unemployment. It should also be $10,200 less. This impact student interest deduction, social security benefits to get taxed, IRA deduction, Exclusion of series EE and US saving bonds, tuition and fees deduction.....

1. does intuit agree?

2. If so, when will it get fixed?

Re: MAGI Calculation after the American Rescue plan

DoninGA — Sun, 28 Mar 2021 21:57:04 GMT

TurboTax uses what is required by the IRS. It will NOT include the unemployment compensation exclusion based on this IRS requirement - https://www.irs.gov/forms-pubs/new-exclusion-of-up-to-10200-of-unemployment-compensation

When figuring any of the following deductions or exclusions, include the full amount of your unemployment benefits reported on Schedule 1, line 7 (unreduced by any exclusion amount): taxable social security benefits, IRA deduction, student loan interest deduction, nontaxable amount of Olympic or Paralympic medals and USOC prize money, the exclusion of interest from Series EE and I U.S. Savings Bonds issued after 1989, the exclusion of employer-provided adoption benefits, the tuition and fees deduction, and the deduction of up to $25,000 for active participation in a passive rental real estate activity.

Re: MAGI Calculation after the American Rescue plan

mtchiosi — Mon, 29 Mar 2021 12:17:11 GMT

ok thanks. i'll read this more carefully

Re: MAGI Calculation after the American Rescue plan

mtchiosi — Mon, 29 Mar 2021 12:38:33 GMT

How do you find the unemployment compensation exclusion worksheet in turbo tax?

Re: MAGI Calculation after the American Rescue plan

DoninGA — Mon, 29 Mar 2021 13:21:11 GMT

@mtchiosi wrote:

How do you find the unemployment compensation exclusion worksheet in turbo tax?

Go to Forms. When in Forms mode the exclusion will be on Schedule 1 Line 8.

On the Other Income Statement directly below Line 21d will be the Unemployment Compensation Exclusion Smart Worksheet.