Why does Tubotax not ask this question?

Forum|Forum|7 years ago
June 4, 2019
4 replies
47 views

No text available

TurboTax Deluxe Online

Best answer by macuser_22

The tuition and fees deduction, PMI, energy credits and other deductions expired on Dec 31, 2016 and were not renewed by Congress in the December tax bill, however, in the The Bipartisan Budget Act of 2018 that was signed into law on Feb 9th those deductions and others were made retroactive for 2017.

Before you can add any of those deductions the changed forms must be updated to comply with the new law. That might take a while. The IRS must write the new rules, issue electronic specifications for the new forms and approve them before TurboTax can add them. If history is any guide, that process can take 1 to 2 months. It usually takes TurboTax 10-14 days after the IRS issues the specifications. (It took the IRS from December 22, 2016 to Feb 2, 2017 to approve one some the forms that the Dec tax law changed.)

The IRS says:
https://www.irs.gov/newsroom/irs-statement-on-retroactive-extender-provisions

Nothing can be done until the IRS acts and issues the new form specifications.

M

mesquitebean

Level 15

That's pretty open-ended. We have no idea what you are asking about. No one knows what "this question" is.
Are you able to narrow it down any?

D

djones8687Author

Level 2

Section 40202. Extension of mortgage insurance premiums treated as qualified residence interest. The provision extends through 2017 the treatment of qualified mortgage insurance premiums as interest for purposes of the mortgage interest deduction. This deduction phases out ratably for taxpayers with adjusted gross income of $100,000 to $110,000.

macuser_22

Answer

Alumni - Champ

The tuition and fees deduction, PMI, energy credits and other deductions expired on Dec 31, 2016 and were not renewed by Congress in the December tax bill, however, in the The Bipartisan Budget Act of 2018 that was signed into law on Feb 9th those deductions and others were made retroactive for 2017.

Before you can add any of those deductions the changed forms must be updated to comply with the new law. That might take a while. The IRS must write the new rules, issue electronic specifications for the new forms and approve them before TurboTax can add them. If history is any guide, that process can take 1 to 2 months. It usually takes TurboTax 10-14 days after the IRS issues the specifications. (It took the IRS from December 22, 2016 to Feb 2, 2017 to approve one some the forms that the Dec tax law changed.)

The IRS says:
https://www.irs.gov/newsroom/irs-statement-on-retroactive-extender-provisions

Nothing can be done until the IRS acts and issues the new form specifications.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

macuser_22

Alumni - Champ

Answer edited to add and fix spelling errors.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**