Tax law passed dec. 20, 2019

Congress again has signed retroactive legislation. They extended through 2020 (partial list):
– Energy Credits (windows, doors, insulation, etc)
– PMI deduction (mortgage insurance premiums)
– Tuition and fees deduction
– Cancellation of qualified principal residence debt (e.g., foreclosures).

We believe the IRS will update the 2018 forms to allow us to amend those returns with the extension of the above tax breaks. Please let your tax preparer know if think you qualified for one of these tax breaks in 2018.

In addition, new tax provisions beginning in 2020 include a change in age for required minimum distributions (RMDs) from age 70 1/2 to 72. Also, for those with a new child (born or adopted), up to $5,000 can be taken from a retirement account with no 10% penalty.