3 Popular Tax Breaks Extended for 2017 Returns

3 Popular Tax Breaks Extended for 2017 Returns
Photo by Africa Studio / Shutterstock.com

The Bipartisan Budget Act signed into law earlier this month is best known for extending funding for the federal government and helping to avoid a shutdown. But it also extended a few tax breaks for individuals.

The Internal Revenue Service just announced that it’s now ready to process 2017 tax returns with three newly extended tax breaks. Your 2017 return is the one due by April 17.

These popular tax breaks technically had expired after tax year 2016, meaning you could no longer claim them. But the Bipartisan Budget Act retroactively renewed them for just one more year. That means you can claim them this tax season — but not after that.

So, if you have yet to file your 2017 return, the IRS says you can now claim these breaks when you file your taxes:

  • Exclusion from gross income of discharge of qualified principal residence indebtedness (often, foreclosure-related debt forgiveness), claimed on Form 982,
  • Mortgage insurance premiums treated as qualified residence interest, generally claimed by low- and middle-income filers on Schedule A, and
  • Deduction for qualified tuition and related expenses claimed on Form 8917.

If you already filed your tax return this year, you still can claim these tax breaks by filing an amended return, Form 1040X.

Just be aware that it can take up to 16 weeks for an amended return to be processed, according to the IRS. Unlike regular tax returns, amended returns cannot be filed electronically.

For more news and tips for the current tax-filing season, check out our other 2018 tax stories.

What’s your take on this news? Share your thoughts below or over on our Facebook page.

Read Next

Make 20 Times More on Your Savings
Make 20 Times More on Your Savings

This online bank offers a way to build savings at a rate far above the national average.

This Is the Top Home Insurer — for 18 Years Running
This Is the Top Home Insurer — for 18 Years Running

Homeowners are increasingly unhappy with their insurance companies, but one stands out for the better.

9 Things Anyone Can Get for Free on Amazon
9 Things Anyone Can Get for Free on Amazon

These freebies are available to anyone with an internet connection.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.