![]() It is important to note that the bill does not require an adjustment to the federal 7.5% AGI threshold for itemized medical expense deductions. North Carolina does not follow this federal provision and requires an adjustment to be made when determining a taxpayer’s North Carolina itemized deductions. The CAA, 2021 extended the CARES Act provision that allowed certain cash contributions to be deductible up to 100% of AGI.North Carolina requires any amounts excluded under this federal provision to be added back to North Carolina taxable income. ARPA enacted the provision allowing for the exclusion of up to $10,200 of unemployment compensation from federal taxable income.Any amounts excluded under this provision are required to be added back when determining North Carolina taxable income. ARPA included a provision allowing taxpayers to exclude the discharge of certain student loans from income for tax years 2021 through 2025.For 20 tax years, North Carolina will continue to allow a 50% deduction for food and beverages provided by a restaurant versus the 100% deduction temporary allowed by the CAA, 2021 for federal purposes.Any amounts deducted on the federal return under this provision must be added back when calculating allowable itemized deductions for North Carolina purposes. The CAA, 2021 extended the federal provision allowing taxpayers to deduct “qualified mortgage insurance premiums” through the 2021 tax year. ![]() Under the CARES Act and later extended by the CAA, 2021 federal law allows employees to exclude from federal taxable income certain amounts paid by their employer on their behalf for principal and interest on student loans. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |