If you’re in this boat, simply enter the deductible portion in my sheet.I used to calculate this, but I decided to ditch it this year to simplify the spreadsheet given that AMT is practically dead.AMT (because Trump essentially removed it for most people).Stuff my spreadsheet does not attempt to calculate: Effective marginal tax rates for $1 extra labor income.Standard vs Itemized deductions (including $10k SALT cap).Single, Head of Household ( new this year!), Married.Stuff my spreadsheet handles (or attempts to):

With a 2% dividend yield, this implies that one could qualify for the EITC with $500k of taxable investment balances.Investment income threshold was increased from $3,650 to $10k!.For those with high enough incomes, it reverts to the same $2k/kid credit with 5% phaseout at $200k for HoH and $400k for MFJ.Phases out at 5% above $150k of income for MFJ, $112.5 for HoH.Child tax credit (temporary changes for 2021 only):.Well, thanks to the $1.9B Coronavirus stimulus bill (#3), there are some pretty major changes to the tax code this year:

Taxcaster for 2021