Unemployment voting

[BOB W]

In 2009 there was a line where you just added the excess over $2400 of UI. I can't imagine a redo of page 1 of 1040 at this late date for a one time adjustment.

[BOB W]

Another question, does the 10200 unemployment offset affect the gross income for EITC?

All you questions will probably have NO conditions. AGI will be what it is for all other calculations..........

[New York Enrolled Agent]

FWIW - The IRS posted FAQs - FAQs are not official guidance so take as you wish

New Exclusion of up to $10,200 of Unemployment Compensation | Internal Revenue Service (irs.gov)

[Rapid Robert]

FWIW - The IRS posted FAQs - FAQs are not official guidance so take as you wish

Previously noted in a different thread as well.
https://forum.thetaxbook.com/forum/d...119#post305119

While the instructions may work for paper filers, your tax software undoubtedly will not yet provide the correct notation for Schedule 1 Line 8, so still need to wait if efiling. And as others have mentioned, the state tax return may need an adjustment as well, to either duplicate or undo the federal change.

[BP.]

Is the $150,000 threshold with or without the UI benefits?

You include the WHOLE UI to determine if the taxpayer has less than $150,000

if the taxpayer's income, including UI, is $150K or above, not over $150K, they get no UI reversal. It is cut & dry.

It looks like the form update for today, 24 March, specifically says the UC benefits are not included in determining the modified AGI for this.

[Anarchrist]

It looks like the form update for today, 24 March, specifically says the UC benefits are not included in determining the modified AGI for this.

Yes, the irs changed it's position yesterday. https://www.currentfederaltaxdevelop...t-compensation