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Many of the tax provisions below were set to expire at the end of 2017 but have now been extended through 2020. You may consider amending your 2018 for a refund if any of the provisions below applies to you.
The above-the-line qualified tuition and related expenses deduction is back and has been extended through 2020. When qualified tuition and fees are paid for an eligible student (taxpayer, spouse or dependent) to a higher education institution, the deduction is $2,000 or $4,000 depending on your adjusted gross income (AGI). This deduction is not allowed for those who are married filing jointly with an adjusted gross income greater than $160,000 and those who are married filing separate. The same expense cannot be used for both an education credit AND tuition and fees deduction. This deduction was previously available from 2002 through 2017 and has now been retroactively extended through 2020.
For tax years 2007 through 2017, taxpayers could deduct the cost of premiums for mortgage insurance on a qualified personal residence as an itemized deduction. The premiums were deducted as home mortgage interest on Schedule A. This deduction was previously allowed through the end of 2017 but has retroactively been extended through 2020.
Taxpayers with canceled debt from a qualified principal residence indebtedness (in other words, those who defaulted on a mortgage that was taken out to buy, build, or substantially improve a main home), were previously able to exclude that amount (up to $2-million if filing jointly) from income. The provision expired in 2017 but has been renewed.
The residential energy property credit allows a maximum $500 lifetime credit for taxpayers who make improvements to their existing primary home to make it more energy efficient. The provision expired in 2017 but has been extended through 2020.
Please contact us if you need assistance filing an amended 2018 return.