Further Consolidated Appropriations Act, 2020
The President signed into law the Further Consolidated Appropriations Act, 2020. This Act not only prevented a government shutdown, but also passed many tax provisions.
Retroactive reinstatement for the mortgage insurance premium (PMI) deduction and is extended through 2020.
This legislation does not affect the rules for 2019. If you’re at least 70½ in 2019, you must take a required minimum distribution. And you’re not allowed to make contributions to your traditional IRA for 2019 after age 70½.
Other tax laws
We’re hard at work reviewing the details and putting together a full summary for our clients!
Susan A Smith, EA
SAS Tax & Accounting, LLC
Susan A Smith, EA | 12/31/2019