This page contains additional supplementary material, clarifications and corrections related to recent webinars. For example, sometimes a slide is ambiguous. Sometimes a slide is wrong (I am human after all).

Not all webinars I’ve given are shown here because most of them don’t need clarification or correction. However, it’s a good idea for participants to check here now and then to see if the webinar they attended is listed.

Stimulus Bill Webinars presented with myCPE in late December 2020

Clarifications:

  • The $600 above-the-line charitable deduction starts in 2021, not 2020; it’s $300 for 2020
  • The exemption from the 10% early withdrawal penalty contained in the stimulus bill is only for withdrawals in disaster areas that are not COVID-related disaster areas. The ability to take a penalty-free COVID withdrawal expired December 31 and was not extended.
  • The tuition and fees deduction still exists for 2020, and the usual rules relating to the lifetime learning credit continue to apply for 2020; the changes to both are for 2021.

Form W-4 Webinar with myCPE on January 22, 2021

Correction:

  • The slide with the head of household example says the taxpayer qualifies for the earned income credit. They in fact do NOT qualify for the EIC.