Tax Laws Extended Through 2020

• Tuition and Fees Deduction – Deduct up to $4,000 in educational expenses.

• Medical expense deduction remains at 7.5% of adjusted gross income.

• Mortage Insurance Preimums deductible as itemized deduction.

New Rules Apply to Retirement Accounts in 2020

• A $5,000 penalty-free withdrawal from IRAs for a new birth or adoption.

• Elimination of the contribution age limits for Traditional IRAs.

• New age limit for required minimum distributions.

Common Tax Laws Impacting You During 2020

• A child’s excess unearned income is taxed using their parent’s tax rate.

• For federally declared disaster areas there is now an automatic 60 day filing extension.

• Use a 529 account to pay down a students debt as an alternative to transfer excess funds to a qualifying beneficary.