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BLOG: Tax Extenders, Retirement Plan Changes, and Repeals

Source: mymcmedia.org - Feb 19, 2020

The Further Consolidated Appropriations Act, 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for business and individuals through 2020. It also included several retirement plan changes and repealed three health care taxes. Here’s what you need to know:
Individual Tax Extenders

Mortgage Insurance Premiums. Homeowners with less than 20 percent equity in their homes are required to pay mortgage insurance premiums (PMI). For taxpayers whose income is below certain threshold amounts, these premiums were deductible in prior tax years as well as now being extended through 2020. Mortgage insurance premiums are reported on Schedule A (1040), Itemized Deductions, under “Interest You Paid.”

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Category: General Business