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NEWS BULLETIN

12/20/2019

 
The House, Senate and White House have reached a deal on dozens of tax extenders ( many retroactive to 2018) as well as the all new SECURE ACT, which makes significant changes to various retirement-related provisions impacting taxpayers and their employers. The President is expected to sign the bill.

A few highlights of these changes include:

  • Reinstating the above-the-line deduction for qualified tuition expenses, the deduction for mortgage insurance premiums, and the exclusion of COD for primary residence mortgage debt retroactive for the 2018 through 2020 tax years;
  • Extending the 7.5% threshold for claiming medical expense deductions for the 2019 and 2020 tax years;
  • Allowing individuals age 70½ and older to make deductible contributions to traditional IRAs (for 2020 and later years);
  • Increasing the age for required RMDs from age 70½ to age 72 beginning with RMDs required to be made after 2019; and
  • Requiring most inherited retirement accounts to be distributed within 10 years, generally effective for account holders who die after 2019.
    ​
The bill does not address any of the technical corrections needed for TCJA provisions and does not postpone the reduction of Solar Credits.

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    Sal Censoprano is a Certified Public Accountant (CPA) and tax practice owner for over 40 years. He was born and raised in Brooklyn, New York and earned his master’s degree in taxation. 

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