New for TY 2014

Check out the Pub 4012 page 11 

Some highlights are:

Link & Learn Taxes – Optional Courses
Cancellation of Debt
Nonbusiness credit card debt is now in the Other Income lesson/Advanced certification. The Qualified Principal Residence Cancellation of Debt has expired.

The Individual mandate provision of the Affordable Care Act goes into effect for tax year 2014. Additionally, individuals who obtain health insurance coverage through an Affordable Care Act Marketplace may be eligible for the premium tax credit to offset the cost of that coverage. Refer to the Affordable Care Act lesson and Publication 5157, Affordable Care Act (ACA) for VITA/TCE, for details about the advanced premium tax credit, the premium tax credit, the individual shared responsibility payment, and exemptions from the individual mandate.

Social Security Cards & Benefit Letters
To protect the integrity of the Social Security number and prevent fraud, SSA will discontinue providing Social Security number printouts effective August 1, 2014. Taxpayers who do not have their Social Security card, will need to request a replacement Social Security card by completing the application for a Social Security Card (Form SS-5) and providing the required documentation.

Also, effective October 1, 2014, Social Security will stop providing benefit verification letters in their offices.  Taxpayers will still be able to get an instant letter online with a personal my Social Security account or may call SSA to request a letter by mail.

Expired Provisions
These provisions expired as of December 31, 2013. These provisions have been removed from this revision.
􀁸 Discharge of indebtedness on principal residence excluded from gross income of individuals
􀁸 Qualified Charitable Distribution-QCD
􀁸 Adjustments for up to $250 for teacher classroom expenses
􀁸 Deduction for qualified tuition and related expenses
􀁸 Deduction for state and local general sales taxes
􀁸 Deduction for mortgage insurance premiums
􀁸 Nonbusiness energy property credit

Wayne Culp,
Nov 11, 2014, 2:52 PM