Posted on 01/19/2018 10:36:16 AM PST by madison10
Just performed the 1/19/2018 update on my tax software. I had expected that larger standard deduction to show up, but alas it did no. Does anyone know if that deduction will show up in the February update?
The larger deduction won;t take affect until 2019.
New tax laws weren’t retroactive to 2017.
It doesn’t show until next year.
The tax changes only apply starting in the 2018 tax year.
I believe that doesn’t kick in till next year.
Thread killed. :)
I wonder if they mean Withholding Tables
“The larger deduction won;t take affect until 2019.”
Please go to a tax advisor.
The standard deduction for single taxpayers and married couples filing separately is $6,350 in 2017, up from $6,300 in 2016; for married couples filing jointly, the standard deduction is $12,700, up $100 from the prior year; and for heads of households, the standard deduction is $9,350 for 2017, up from $9,300.
Standard Deduction Amounts. As written, the standard deduction amounts will increase to $12,000 for individuals, $18,000 for heads of household, and $24,000 for married couples filing jointly and surviving spouses.
f you are age 65 or over, blind or disabled, you can tack on $1,300 to your standard deduction ($1,600 for unmarried taxpayers).
As written, there will be no personal exemptions for 2018.
Remind me never to ask you for Tax advice. #;^)
For 2018
Standard Deduction Amounts. As written, the standard deduction amounts will increase to $12,000 for individuals, $18,000 for heads of household, and $24,000 for married couples filing jointly and surviving spouses.
f you are age 65 or over, blind or disabled, you can tack on $1,300 to your standard deduction ($1,600 for unmarried taxpayers).
As written, there will be no personal exemptions for 2018.
Who is giving tax advice? I read that the $24,000 standard deduction will take effect for the 2017 tax year for married couples.
If they DO NOT take effect we will be slammed.
Must of read it at one of them “Fake News” sites...seriously though, the $24K deduction doesn’t come into play until you file your 2018 tax return.
The IRS issued new withholding tax tables to employers and payroll companies that will adjust the amount withheld from your check as per your W4 exemptions. Don't work for an employer or don't work many hours? Minimal change.
The new rates for 2018 (and even some for the 2017 tax year) will be published throughout the year as Congress gives direction to the IRS, or as the IRS just decides to make up tax laws and regulations out of whole cloth.
As in every year, there are forms for 2017 that will not be finalized until February or March.
>>>Who is giving tax advice? I read that the $24,000 standard deduction will take effect for the 2017 tax year for married couples<<<
Where did you read that? The Tax Bill that was passed is NOT retroactive. It kicks in with your 2018 Earnings, not 2017.
Why so serious? I was just messing with you. Lighten up.
I don’t need tax software to print off a postcard.
Consider yourself slammed. you are paying the same as last year.
Poopy.
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