Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Lacerte Tax
- :
- Lacerte Tax Discussions
- :
- Married separate and Unemployment
Married separate and Unemployment
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Lynne11
Level 1
04-02-2021
11:33 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
has any one found any guidance anywhere on using married separate status and the unemployment exclusion?
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
2 Comments 2
BobKamman
Level 15
04-03-2021
12:27 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes. Here is the guidance from Forbes. It says, "consult a tax professional."
Here is the guidance from IRS.
https://www.flickr.com/photos/asv/2163705369
As Commissioner Rettig says, "we welcome two returns when we don't have the people to process even one!"
Drphibes
Level 7
04-03-2021
03:47 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Nothing yet, we are going to offer it as a "if you want to take a chance" to our clients. You can always amend back to joint (and pay).
Found this on the web, interesting nuance
Filing MFS to get around the $150K MAGI cap for the unemployment income exclusion may cause the Medicare premiums to cost more for older individual than is saved on the unemployment income. So you need to factor that in when making the decision to file MFS. From the 2021 chart the rates for individuals filing MFS could, depending upon their AGI create a substantial increase in Medicare premiums two years down the line.
Although there are all sorts combinations of income and unemployment lets look at a simple case. Couple has an AGI of $200,000. They file MFS to get under the $150K limit. Assume they split income and their MFS AGI is $100,000 each.
MFJ MAGI = $200,000, Medicare Premiums = $207.90 each per month. $2,494.80 each per year. $4,989.60 Combined
MFS MAGI - $100,000, Medicare Premiums = $475.20 each per month. $5,702.40 each per year $11,404.80 Combined
Or a net increase of $6,415.20
Definitely something you need to consider for clients who are or will be on Medicare two years from now.
