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Subject Author Date
Status of Educator Expense and Tuition and fees Deduction runtwoday 12-08-2006
Posted by runtwoday on December 8, 2006, 3:23 pm
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 1040 line 23 Educator expense
1040 line 34 Tuition and fees deduction
Were these deductions which expired last year (12/31/05)extended by
Congress for 2006?

Thanks

Carl

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Posted by Paul Thomas, CPA on December 9, 2006, 6:42 am
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> 1040 line 23 Educator expense
> 1040 line 34 Tuition and fees deduction
> Were these deductions which expired last year
> (12/31/05) extended by Congress for 2006?

Not yet.....................

Please stay tuned to the Washingtonian circus to see if/when
they get around to doing such.

My guess is, shortly after they return from Christmas break
(I'm sure they have a PC term) they'll argue the virtues of
those (and other) tax breaks being extended, and after much
debate and the gnashing of teeth and pulling of hair, extend
those breaks till the end of December 2006 - oh, about mid
to late March when it gets signed into law. Causing many to
be forced to file amended returns or opt to not amend,
therefore missing the opportunity to claim said deduction.

The next year, they'll point to the small number of
taxpayers who took that credit or deduction and just let it
lapse for 2007 and beyond.

Of course, both sides of the aisle will point to the other
side and proclaim that "They are mean to you for increasing
your taxes". And then they vote themselves a raise and
take the summer off.

--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Bill Brown on December 9, 2006, 6:42 am
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runtwoday wrote:

> 1040 line 23 Educator expense
> 1040 line 34 Tuition and fees deduction
> Were these deductions which expired last year (12/31/05)
> extended by Congress for 2006?

Not yet (as I type this) but perhaps soon. Keep track of
H.R.6408, the Tax Relief and Health Care Act of 2006.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by A.G. Kalman on December 9, 2006, 6:42 am
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runtwoday wrote:

> 1040 line 23 Educator expense
> 1040 line 34 Tuition and fees deduction
> Were these deductions which expired last year (12/31/05)extended by
> Congress for 2006?
>
> Thanks
>
> Carl

No... but... CNN just reported..
"In a 367-45 vote, the House on Friday afternoon passed tax
legislation that would renew for two years a host of expired
business tax credits and popular individual tax breaks, and
introduce a new, one-year itemized deduction for mortgage
insurance premiums.

The Senate is expected to vote on the legislation either
Friday evening or sometime over the weekend.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by A.G. Kalman on December 10, 2006, 8:45 pm
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A.G. Kalman wrote:
> runtwoday wrote:

>> 1040 line 23 Educator expense
>> 1040 line 34 Tuition and fees deduction
>> Were these deductions which expired last year (12/31/05)
>> extended by Congress for 2006?

> No... but... CNN just reported..
> "In a 367-45 vote, the House on Friday afternoon passed tax
> legislation that would renew for two years a host of expired
> business tax credits and popular individual tax breaks, and
> introduce a new, one-year itemized deduction for mortgage
> insurance premiums.
>
> The Senate is expected to vote on the legislation either
> Friday evening or sometime over the weekend.

HR 6411 passed both houses and is awaiting the President's
signature. For a detailed summary, see:
http://waysandmeans.house.gov/media/pdf/taxdocs/hr6408taxdetailedsummary.pdf

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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