Congressional Changes Extend Tax Deductions

February 12, 2018

President Trump signed the Bipartisan Budget Act of 2018 on February 9, 2018. Tucked away in the bill are several federal extender provisions that expired but are now available through December 31, 2017.

What does this mean for the Montana tax return?

Two of the extended deductions impact the 2017 Montana Individual Income Tax return (Form 2):

  • Tuition and Fees deduction, line 35 on Form 2
  • Qualified Mortgage Insurance Premiums deduction, line 14 on Schedule III (Itemized Deductions)

The department previously voided and reserved these lines for future use, but will reactivate these lines to allow taxpayers to claim these deductions on the 2017 Montana Form 2.

Keep in mind that it may take a few weeks for tax software companies and tax agencies to update their products and systems to reflect these last-minute changes to the form. You can visit My Revenue to view the corrected version of the Montana Form 2 Booklet.

Please Contact Us for updates, developments, or if you have questions.