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.