What's New in 2021 For Individuals
Manage episode 302285870 series 2906538
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What's New in 2021 For Individuals
Here are some of the changes coming into effect for tax year 2021:
- Tuition and Fees Deduction eliminated. This tax break is now permanently closed.
- Mortgage insurance premium deductibility. You may still deduct mortgage insurance premiums as an itemized deduction.
- Exclude discharge of mortgage indebtedness. With the extension of this law, qualified debt forgiveness on qualified mortgages is still not considered income.
- Above the line charitable deductions. If you do not itemize, you can deduct up to $300 in qualified charitable deductions ($600 for married couples).
Given the ongoing pandemic, expect other tax changes throughout the year.
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