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MN-1 Instructor Training 2011

Extended Provisions ? Through 2011. Tax-free distributions from certain individual retirement plans for charitable purposesDeduction for Educator ExpensesTuition and Fees DeductionItemized deduction for state and local general sales taxesMortgage Insurance DeductionEnergy Tax Credit?AMT Patch

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MN-1 Instructor Training 2011

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    1. MN-1 Instructor Training 2011 Federal Tax Updates and Changes for Tax Year 2011

    2. Extended Provisions – Through 2011 Tax-free distributions from certain individual retirement plans for charitable purposes Deduction for Educator Expenses Tuition and Fees Deduction Itemized deduction for state and local general sales taxes Mortgage Insurance Deduction Energy Tax Credit “AMT Patch”

    3. Extended Provisions – Through 2012 American Opportunity Tax Credit Expanded EITC and Additional CTC Student Loan Deduction “Bush Era Tax Cuts”

    4. American Opportunity Education Tax Credit Available for first 4 years of post-secondary education $2500 per student for 4 years 100% of first $2000 of expenses 50% of next $2000 of expenses 40% refundable

    5. Energy Tax Credit Home-improvement energy credit 10% of qualifying costs Building envelope components Does not include labor Heating/cooling equipment Includes labor Dollar limits for specified items $500 maximum credit for 2006?2011

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