IRS Pub.: Tax Guide for 2020 for Individuals Updated (IRC §1)

February 2021 revision to Publication 17, Your Federal Income Tax (for Individuals), released February 11 shows changes from December legislation. The publication, covering the general rules for filing a federal income tax return, identifies several tax changes in the recent legislation, including a second economic income payment, the above-the-line deduction for eligible educators include PPE and other Covid-19 prevention supplies, the election to use 2019 earned income instead of 2020 for the earned income tax credit and additional child tax credit, and special IRA distribution rules for taxpayers impacted by certain federally declared disasters. For estimated taxes paid Inn ...