![]() Mortgage insurance premiums remain deductible through 2021 $250 deduction for teachers paying for classroom supplies can include COVID-19-related supplies Lifetime Learning Credit for education expenses now has a higher income phaseoutĬharitable contributions are deductible up to $300 (Single) or $600 (Married Filing Jointly) for 2021 if you don’t itemize deductionsĢ019 earned income can be used to determine eligibility for 2020 Earned Income Credit and the Additional Child Tax CreditĮmployer-paid student loan assistance is tax-free through 2025ĭebt discharged for a principal home (due to a short sale) remains non-taxable through 2025 Medical expense deduction threshold lowered from 10% of AGI to 7.5% of AGI Unemployment compensation for self-employed individuals extended another 11 weeksįunds in FSAs (Flexible Savings Accounts) not used by 2020 year-end may be rolled over into 2021 if your employer allows it ![]() Regular unemployment compensation increased by $300 for 11 weeks Regular unemployment compensation extended another 11 weeks The headliner of the bill was that many people would be getting a $600 payment per family member.īut there's a lot more than that in the 5,593-page, inspirationally-named “Consolidated Appropriations Act, 2021”. You probably heard about the recent stimulus bill that was signed into law late last year, aka the “Coronavirus stimulus 2.0 bill” or the “COVID-19 relief bill”.
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