Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Unemployment Insurance Credit

Fsdr
Level 2

I`m working on a clients return and they received $10,670 of unemployment insurance benefits in 2020 and the program is not calculating the U/E credit of $10,200.Their have total income of $199,122, AGI of 195,622 and taxable income of 169,347. They have no NY State offsets to the credit because they owed money in 2019.At this point I`m completely puzzled!!! Please advise.

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
qbteachmt
Level 15

The IRS knows why:

https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs-topic-a-eligibility

 

*******************************
"Level Up" is a gaming function, not a real life function.

View solution in original post

6 Replies 6
IRonMaN
Level 15

How much income can you have before you lose the $10,200 deduction?

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
sjrcpa
Level 15

Also, it is not a credit.


ex-AllStar
IRonMaN
Level 15

It's Friday ----------- I wasn't going to nitpick.  But if it was Monday ----------------------------- 😁

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
Accountant-Man
Level 11

AGI too high.

** I'm still a champion... of the world! Even without The Lounge.
qbteachmt
Level 15

The IRS knows why:

https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs-topic-a-eligibility

 

*******************************
"Level Up" is a gaming function, not a real life function.

View solution in original post

Fsdr
Level 2

Thank you so much!