WASHINGTON (12/31/14)--The tax deduction for mortgage insurance premiums is one of more than 45 tax provisions that have been extended through 2014. The deductions were included in the Tax Prevention Act of 2014, which was signed into law Dec. 19.
The act officially amends the Internal Revenue Code to extend tax provisions that were about to expire or expired at the end of 2013. The extensions are allowed for the entire tax year of 2014.
The mortgage insurance premium tax deduction is one of eight deductions listed as individual tax extenders. Other categories in the bill include business tax extenders, energy tax extenders and extenders relating to multiemployer defined benefit pension plans.
According to the Internal Revenue Service, the 2015 filing season will open as scheduled in January, with electronic and paper returns accepted starting Jan. 20.
"We have reviewed the late tax law changes and determined there was nothing preventing us from continuing our updating and testing of our systems," said IRS Commissioner John Koskinen.
"Our employees will continue an aggressive schedule of testing and preparation of our systems during the next month to complete the final stages needed for the 2015 tax season."