Update on Retroactive Tax Provisions

Late Friday, the Internal Revenue Service released the schema and business rules that contain the retroactive provisions that relate to the Bipartisan Budget Act of 2018. As a result, earlier today TaxSlayer Pro released an update that will allow preparers to utilize these retroactive deductions. Specifically, the following provisions which have impacted a significant number of taxpayers have now been added to the tax program:

Private Mortgage Insurance (PMI) as an itemized deduction.

Tuition and Fees Deduction which is taken as an adjustment to income. This is an above-the-line deduction that is capped at $4,000 for individuals whose AGI does not exceed $130,000 for Married Filing Jointly filers, or whose AGI does not exceed $65,000 for all other filers.

Any previously filed return that did not have these items on the return, may now be amended.