MY UNDERSTANDING IS THE $10,200 EXCLUSION IF FOR MFJ AND AGI IS LESS THAN $150,000 AND SINGLE IS AGI IS LESS THAN $75000. CAN YOU FILE MARRIED FILING SEPERATE AND USE THE $75000 AGI FOR THE TAXPAYER. I HAVE A SITUATION OF A MARRIED COUPLE SHE MADE $98,000 AND HE MADE $58000 INCLUDING UNEMPLOYMENT. CAN I FILE SEPERATE AND GIVE HIM THE UNEMPLOYMENT EXCLUSION.
Im not seeing where it shows that the 150k needs to be split for single. These IRS instructions dont mention Single or Married...can you provide a link to that information?
I think you're correct but the real question is how do you give individuals or couples the credit? Are we going to get another version of the 1040?
I dont understand your question....the IRS issued guidance on how to apply the exclusion, no extra forms or 1040 change needed.
you are confusing this with the $75,000 limit on economic impact payments. so far irs has admitted that the $150K applies to both mfj and mfs returns, although watch for an announcement next friday night that they have changed their mind.
This isn't correct: "MY UNDERSTANDING IS THE $10,200 EXCLUSION IF FOR MFJ"
It's $10,200 per each person on a joint return who collected unemployment. That means if one of them only got $8,000 UI and the other got $15,000, the other does not get to use the $2,200 difference and only has $10,200 excluded.
"Level Up" is a gaming function, not a real life function.