As the 2020 filing season is quickly approaching, we would like to remind you of important tax changes that will take effect.
- The standard deductions are increasing based on the federal law; beginning January 1, 2020, from:
o $12,200 to $12,400 for single and married/registered domestic partner filers filing separately;
o $18,350 to $18,650 for head of household filers;
o $24,400 to $24,800 for married/registered partners filing jointly and qualifying widow(er) with dependent child(ren) filers;
o An updated worksheet is available for use by dependent filers.
- Schedule H - Homeowner and Renter Property Tax Credit
o The Schedule H has been redesigned, the line for rent supplements has been eliminated.
o The Square/Suffix/Lot (SSL) has been added back under Section B.
o The real property tax is now based on amount paid or accrued.
o Schedule H federal Adjusted Gross Income (AGI) eligibility threshold for under age 70 increases to $55,700.
o Schedule H federal AGI eligibility threshold for age 70 and older increases to $75,900.
o A registered taxpayer using the web portal, MyTax.DC.gov will have the ability to file a Standalone Schedule H.
o “Cooperative” has been added as a type of property.