Forms 1040A and 1040EZ aren't available to file your 2020 taxes. The Further Consolidated Appropriations Act, 2020, Public Law 116-94 (enacted December 20, 2019) retroactively extended the exclusion from income of debt discharged from principal residence indebtedness from 2018 through 2020.įorms 1040A and 1040EZ no longer available. Retroactive extension from 2018 through 2020 of exclusion of debt discharged from principal residence indebtedness. Alimony received will also not be included in income if a divorce or separation agreement is entered into after December 31, 2018. Alimony received will no longer be included in your income if you entered into a divorce or separation agreement on or before December 31, 2018, and the agreement is changed after December 31, 2018, to expressly provide that alimony received isn't included in your income. Repeal of deduction for alimony payments and corresponding inclusion in gross income. For tax years beginning in 2020, the dollar limitation under section 125(i) on voluntary employee salary reductions for contributions to health FSAs is $2,750. Health flexible spending arrangements (health FSAs) under cafeteria plans. For more information, see Volunteer firefighters and emergency medical responders. If you are a volunteer firefighter or emergency medical responder, you may be able to exclude from gross income certain rebates or reductions of state or local property or income taxes and up to $50 per month provided by a state or local government.
This also applies to most 457 plans.Įxclusion of income for volunteer firefighters and emergency medical responders. If you participate in a 401(k), 403(b), or the federal government's Thrift Savings Plan (TSP), the total annual amount you can contribute is increased to $19,500 ($26,000 if age 50 or older). 116–260.)ĭeferred compensation contribution limit increased. Gross income does not include any amount arising from the forgiveness of certain loans, emergency Economic Injury Disaster Loan (EIDL) grants, and certain loan repayment assistance, each as provided by the CARES Act, effective for tax years ending after. Other loan forgiveness under the CARES Act. Any economic impact payments you received are not taxable for federal income tax purposes, but they reduce your recovery rebate credit. Certain emergency financial aid grants under the CARES Act are excluded from the income of college and university students, effective for grants made after. The amounts of these are not included in the gross income of the eligible self-employed individual.Įmergency financial aid grants. These credits are available for periods of leave taken between April 1, 2020, and March 31, 2021.
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The FFCRA, as amended by the COVID-related Tax Relief Act of 2020, provides tax credits for self-employed individuals carrying on any trade or business within the meaning of section 1402 of the Internal Revenue Code if the self-employed individual would be entitled to receive paid leave under the FFCRA if the individual were an employee of an employer (other than him or herself). 116–260.)įamilies First Coronavirus Response Act (FFCRA). 116–136.) Likewise, gross income does not include any amount arising from the forgiveness of Second Draw PPP loans, effective. Gross income doesn’t include any amount arising from the forgiveness of a Paycheck Protection Program (PPP) loan, effective for taxable years ending after. Paycheck Protection Program loan forgiveness. In the case of a joint return, up to $10,200 received by each spouse is excluded. For individuals with adjusted gross income of less than $150,000, up to $10,200 of unemployment compensation is excluded from gross income. Exclusion from income tax on a portion of unemployment compensation for 2020.
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