Internal Revenue Service United States Department of the Treasury
Level Basic Advanced Military International

What's New This Year

Summary

Extended Provisions

The American Taxpayer Relief Act of 2012 (passed January 1, 2013) temporarily extended the provisions listed below. The sunset for these provisions is December 31, 2013.

  • Above-the-line deduction of up to $250 for educator expenses
  • Discharge of indebtedness on principal residence excluded from gross income of individuals
  • Premiums for mortgage insurance deductible as interest that is qualified residence interest
  • Deduction for state and local general sales taxes
  • Deduction for qualified tuition and related expenses
  • Extension and modification of section 25C nonbusiness energy property
  • Tax-free distributions from IRAs to certain public charities for individuals age 70-1/2 or older, not to exceed $100,000 per taxpayer per year; special transition rules for certain distributions made in December 2012 and January 2013
Caution

Congress may enact additional legislation that will affect taxpayers after this course is published. Any changes will be reflected in Publication 4491-X, VITA/TCE Training Supplement, available in mid-December on www.irs.gov.