Congress has renewed a few tax breaks that had expired on 12/31/16. Among them:
- Itemized deduction for qualified mortgage insurance premiums
- Above-the-line deduction for tuition and fees
- Exclusion of qualified principal residence debt forgiveness
These aren’t the most widely-used tax breaks, but they sure can make a difference on what you owe. IRS is now ready to accept these returns, but tax software may not be ready to send them just yet.
More information is available from IRS here.
It’s doubtful Iowa will allow these, as they haven’t since 2015. But, who knows?
The tax writers do love to keep us guessing, don’t they! 🙄