Submitted By: Doug, & Martin
Answered: February 18, 2014 8:30 am

Is the above-the-line tuition deduction available in 2014? Also, Is the enhanced deduction for conservation easements available in 2014?

These two tax breaks, along with more than 4 dozen more, expired at the end of 2013. To date, they have not been extended, but later this year or even in 2015 Congress could reinstate them retroactively to the start of 2014. Look for news about “extender legislation” in the media and follow JKLasser.com for updates.

advertisement
Tax Glossary

Withholding

An amount taken from income as a prepayment of an individual’s tax liability for the year. In the case of wages, the employer withholds part of every wage payment. Backup withholding from dividend or interest income is required if you do not provide the payer with a correct taxpayer identification number. Withholding on pensions and IRAs is automatic unless you elect to waive withholding.

More terms