Status of Educator Expense and Tuition and fees Deduction

"runtwoday" wrote

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 snipped-for-privacy@bellsouth.net

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

Not yet, and the odds are shrinking that they still will.

Ira Smilovitz

Not so far, but you can hope.

Here it is Saturday morning and CNN reports that congress did pass the extenders, meaning both houses it would appear. Now then. 2006 tax forms have already been contracted out to the printers without the necessary lines. Oh boy, THIS is going to be fun! And think of those taxpayers who don't read instructions or may not hear about it. ChEAr$, Harlan Lunsord, EA n LA

HR 6411 passed both houses and is awaiting the President's signature. For a detailed summary, see:

they were extended in bills passed in senate and house last night or one might more correctly say this morning

The Congress extended a lot of expired items yesterday, just before adjurning for the year. It is yet to be seen just which ones they include. Missy Doyle

These were both extended in the tax bill passed on Friday. The President is expected to sign it soon. Wayne