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March/April 2020
Last-Minute Tax Breaks
If you haven’t filed your 2019 federal tax return yet, the Internal Revenue Service offers some reminders that may help reduce your income taxes for the year.
- Limits have risen not only for income tax brackets and the standard deduction, but also for tax deductions like the Lifetime Learning Credit.
- The maximum credit allowed for adoptions is the amount of qualified adoption expenses up to $14,080, up from $13,810 the previous year.
- The Health Flexible Spending Account (FSA) saving limit rose to $2,700.
- The Health Savings Account (HSA) contribution limit increased to $7,000 for family coverage and $3,500 for single coverage. Out-of-pocket limits also increased slightly.
- If you receive alimony payments according to an agreement that was new or suitably modifi ed in 2019, you won’t owe federal income taxes on the amount.
- You may deduct qualified unreimbursed medical expenses that exceed 7.5% of your adjusted gross income.
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